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1185984

	registered interest
	date	17/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what action they plan to take to prevent credit insurers unilaterally withdrawing cover.
	tabling member printed	Lord Myners
	uin	HL2701
	answer	answer is ministerial correction date of answer 30/03/2020 answer text <p>The government is discussing with UK authorities, businesses and the insurance industry, the impact of COVID-19 on the trade credit insurance market.</p><p> </p><p>As the Chancellor announced on Tuesday 17 March the government would do whatever it takes to get our nation through the impacts of COVID-19 and that he stands ready to announce further action wherever necessary.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 30/03/2020 10:19:48 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	3869 label Biography information for Lord Myners

1130212

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to regulate the credit insurance market to ensure that insurance cover adequately protects the supply chain of product-based businesses.
	tabling member printed	Lord Allen of Kensington
	uin	HL16073
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>The underwriting of insurance risk, including credit risks, is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy. Many of the underlying causes of providers restricting credit insurance cover, wider economic uncertainty and sectoral trends, are outside Government control.</p><p> </p><p>Government is clear that it wants all businesses to thrive now and in the future, and will continue close monitoring of the market and affected sectors. Government is determined to make the UK one of the best places in the world to start and grow a business, and has announced multiple measures to support enterprise. Following the Patient Capital Review, we set out a £20 billion action plan at Budget 2017 to finance firms’ growth.</p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:38:56 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130213

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the credit insurance cover available to the supply chain of product-based businesses.
	tabling member printed	Lord Allen of Kensington
	uin	HL16074
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16075 HL16076 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130214

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to conduct a market study on credit insurance cover and pricing practices.
	tabling member printed	Lord Allen of Kensington
	uin	HL16075
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16074 HL16076 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130215

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the availability of credit insurance cover to assist small and medium-sized enterprises in the current trading climate.
	tabling member printed	Lord Allen of Kensington
	uin	HL16076
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16074 HL16075 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1091589

	registered interest
	date	19/03/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the credit insurance market in the UK; and what steps they plan to take to improve the level of cover available for suppliers to the retail sector.
	tabling member printed	Lord Allen of Kensington
	uin	HL14637
	answer	answer is ministerial correction date of answer 02/04/2019 answer text <p>Government actively monitors the economy, and is aware of problems and consequent difficulty some retailers are facing in accessing credit insurance. Insurers base the level of cover they provide on their assessment of the credit risk, which is often dependent on the specific dynamics of certain sectors. Market trends in the retail sector, and challenging market conditions facing the retailers, have led some insurers to reduce their exposure.</p><p> </p><p>The underwriting of insurance risks – including credit risks – is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy.</p><p> </p><p>However, Government is clear that it wants all types of retail to thrive now and in the future, and wants to support the sector as it responds to change. A package of measures to support the high street was announced at Budget 2018. The Government has regular engagement with financial services providers, including on their plans to support business customers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Bates grouped question UIN HL14635 HL14636 HL14638 question first answered 02/04/2019 12:45:23 answering member 1091 label Biography information for Lord Bates
	tabling member	4304 label Biography information for Lord Allen of Kensington

1091590

	registered interest
	date	19/03/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to provide support to suppliers who may suffer losses as a result of being unable to obtain credit insurance cover.
	tabling member printed	Lord Allen of Kensington
	uin	HL14638
	answer	answer is ministerial correction date of answer 02/04/2019 answer text <p>Government actively monitors the economy, and is aware of problems and consequent difficulty some retailers are facing in accessing credit insurance. Insurers base the level of cover they provide on their assessment of the credit risk, which is often dependent on the specific dynamics of certain sectors. Market trends in the retail sector, and challenging market conditions facing the retailers, have led some insurers to reduce their exposure.</p><p> </p><p>The underwriting of insurance risks – including credit risks – is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy.</p><p> </p><p>However, Government is clear that it wants all types of retail to thrive now and in the future, and wants to support the sector as it responds to change. A package of measures to support the high street was announced at Budget 2018. The Government has regular engagement with financial services providers, including on their plans to support business customers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Bates grouped question UIN HL14635 HL14636 HL14637 question first answered 02/04/2019 12:45:23 answering member 1091 label Biography information for Lord Bates
	tabling member	4304 label Biography information for Lord Allen of Kensington