HC Deb 26 November 2002 vol 395 cc7-8WS
The Financial Secretary to the Treasury (Ruth Kelly)

The Government's Troika aviation insurance scheme ceased to write new policies from midnight on 31 October 2002, thus bringing to a close Government involvement in the provision of aviation insurance, which had been prompted by the collapse in the commercial market for third party war and terrorist cover following the terrible events of September 11th 2001.

It was always the Government's stated aim to withdraw from the provision of insurance in this sector once there was a return of a functioning commercial market.

The ending of the scheme was in line with the decision taken by the European Commission to end automatic state aid approval for state backed aviation insurance schemes, from 31 October; a decision which recognised the return of the commercial market in this sector.

All UK air carriers and aviation service providers were able to purchase replacement cover from the commercial market prior to the expiry of the Government scheme.

Back to