Pool Re, the UK’s government-backed terrorism reinsurer, has released a forward-looking strategy paper that coincides with the government’s latest five year review.
The review aims to ensure the good functioning of the UK’s terrorism re/insurance market, proper protection of public interests, and Pool Re’s proposed strategic direction for the next five years.
It will be conducted by Her Majesty’s Treasury, with close engagement with Pool Re and stakeholders across Whitehall and in consultation with the UK re/insurance sector.
Pool Re’s paper is titled ‘Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience’, and examines the innovations and development of the reinsurer since 2014.
It also looks forward to the next five years; offering members and other interested parties an opportunity to submit their feedback on how it operates and develops in the future.
Pool Re underlines its aim to create an organisation that is effective and suitable for the 21st century, and proposes reforms to the scheme’s operating model and scope of activity.
The purpose of these reforms are to achieve the correct balance of risk share between the taxpayer and the commercial market.
As part of that strategy, Pool Re Solutions was launched in 2019 to provide analysis and advice to members and policyholders on terrorism risk awareness, risk modelling and risk management.
“Nearly three decades on from the founding of Pool Re, our industry continues to rise to meet the challenges of the evolving terrorism threat,” said Julian Enoizi, chief executive officer of Pool Re.
“That we do so is premised more strongly than ever on the principles of collective ownership, and combined endeavour.
“That is why we have launched this paper ahead of the Treasury’s call for evidence later this autumn, as it is vital for the insurance industry to contribute to the review and to collaboratively influence the future direction of Pool Re.”
