asked Her Majesty's Government:
Whether they have made an assessment of (a) the costs, and (b) the benefits of establishing one government insurance scheme for exceptional risks (as operated in Spain) to cover the costs of those (i) uninsured, or (ii) unable to obtain insurance from the private sector; and [HL570]
What discussions they have had with the Association of Insurance and Risk Managers in Industry and Commerce on the establishment of a government insurance scheme for exceptional risks. [HL571]
The Government have made no recent assessment of the costs and benefits of establishing a general scheme to cover “exceptional” insurance risks and have not discussed this issue with the Association of Insurance and Risk Managers in Industry and Commerce.
Where cover is available in the market, the Government's approach is that it is for individuals and businesses to make an assessment—based on their own circumstances—on whether to take out insurance.
The Government are working, in partnership with the industry, to ensure that people are not excluded from the appropriate financial services, including insurance.