Britain’s largest terrorism reinsurer, Pool Re, has launched TERRA (Terrorism Risk and Resilience Assessment), designed to help policyholders assess and manage terrorism risk across their property portfolios.
According to Pool Re, TERRA provides businesses with tailored insights by combining protective security guidance from the police and the National Protective Security Authority with the firm’s own assessment of the intent and capabilities of UK terrorists.
“The terrorist threat in the UK has been elevated for an extended period making it all the more important that policyholders have a clear understanding of their current risk exposure,” said Tom Clementi, Pool Re’s CEO.
He added, “TERRA by Pool Re is designed to give businesses and insurers greater confidence in the resilience measures being implemented, while supporting a more informed approach to risk management across the market.
“We believe the platform will raise resilience standards and drive greater recognition of effective risk management within underwriting discussions.”
Pool Re explained that TERRA prioritises sites for self-assessment from a policyholder portfolio based on terrorism threat, assessing each location’s alignment with best-practice mitigation guidance, before giving an overall grade upon completion.
Weblinks to the sources of best practice, plus recommendations for effective risk management, are also provided.
“The level of alignment demonstrated by the assessed properties is evidenced through a downloadable pack at the end of the assessment process, which can then be presented to insurers, giving a clearer understanding of a policyholder’s resilience to terrorism, supporting constructive and more informed dialogue when underwriting the policy,” the firm added.
CEO Clementi told us in a later interview that the initiative has the potential not only to strengthen SME resilience, but also to improve economic security and materially increase the uptake of terrorism insurance across the UK.
