Bill includes plans to ban UK insurers from covering the cost of terrorism ransoms
The House of Lords will debate the government’s Counter-terrorism bill today, which includes plans to ban UK insurers from covering the cost of terrorism ransoms.
The Counter-Terrorism and Security Bill will also give new powers to the security services.
The ban on terrorism ransoms is among several measures in the bill, which will receive its second reading in the House of Lords.
Reimbursement for ransom payments generally is a key feature of kidnap and ransom insurance. Kidnap and ransom cover is sold by several UK-based insurers and brokers, including Aon, JLT, AIG Europe, Catlin and Travelers.