Pool Re has announced the launch of the Vulnerability Self-Assessment Tool (VSAT), a risk self-assessment tool that enables Pool Re member insurers to offer a 5% premium discount to insureds which implement risk mitigation measures.
VSAT is available to all Pool Re member insurers for risks falling due on or after April 1st, 2018.
Steve Coates, Chief Underwriting Officer (CUO) at Pool Re, said; “Raising awareness of terrorism risk, as well as promoting and incentivizing the adoption of proven risk mitigation measures, are core to Pool Re’s strategy.
“VSAT is the latest example of this. It has been built to deal with contemporary terrorism threats and provide a framework for policyholders to benchmark their approach to terrorism risk management. It also aims to improve their approach where necessary and in doing so provide a discount on their premium.”
The tool was co-developed with ARL Partners and has been accredited by “Secure by Design”, the police security approval kitemark.
Richard Thompson, Managing Partner at ARL Partners, said; “We are delighted to have worked in close collaboration with Pool Re on the development of VSAT for the terrorism insurance market.
“We believe that VSAT will deliver a better understanding of how best to reduce the potential risks and vulnerabilities from terrorism thereby helping to protect people and increase resilience in the UK’s economy.”
VSAT builds on Pool Re’s work and collaboration with the National Counter Terrorism Security Office’s Crowded Places programme which offers discounts for risks covered by the programme.
The tool is the latest in a series of Pool Re initiatives to encourage the adoption of proven risk management practices for businesses.