Reinsurance News

Terrorism reinsurance

Salisbury attack exposes business interruption protection gap, reports Pool Re

3rd May 2018

Pool Re, the UK’s government-backed terrorism reinsurer, has reported that the losses suffered by Salisbury businesses in the wake of the nerve agent attack against Sergei and Yulia Skripal have exposed an oversight in the way re/insurers cover terrorism risks. The company’s latest Terrorism Frequency Report, which coincided with the 25th ... Read the full article

ARPC prepares for fifth triennial Terrorism Insurance Act review

2nd May 2018

The Australian Reinsurance Pool Corporation (ARPC), a government-backed terror risk reinsurance venture, is preparing for any changes that may be proposed by the Australian Treasury’s 2018 Triennial Review of its Terrorism Insurance Act 2003 (TI Act). The TI Act requires that a review be conducted at least once every three years ... Read the full article

Changing terror risk landscape pressures re/insurers to broaden appetites: JLT

2nd May 2018

The emergence of new terror-related risks continues to drive an increasingly complex and diverse terror risk landscape, adding pressure to insurers and reinsurers to develop new solutions and adopt new approaches to tackle the threat, according to insurance and reinsurance broker JLT. JLT has launched a new Viewpoint Report, which explores ... Read the full article

Pool Re exploring capital market retro options with help of Guy Carpenter

27th April 2018

Pool Re has appointed GC Securities, the capital markets and insurance-linked securities (ILS) arm of reinsurance broker Guy Carpenter, to act as its ILS advisor and placement agent as it assesses its options in the capital markets. Pool Re, which is the UK’s government-backed mutual terrorism reinsurance facility, began exploring the ... Read the full article

Global political risks becoming increasingly volatile: Aon

17th April 2018

Aon has reported that global political volatility is leading to increased political violence and political risk, with the likelihood of interstate conflict, terrorism, and general political and economic disruption all increasing. Aon’s 2018 Risk Maps report found that political violence risks are rising globally due to geopolitical tensions, a weakening of ... Read the full article

Reinsurance demand will rise as terror risk landscape shifts: A.M. Best

16th April 2018

In a recent special report, A.M. Best has predicted that insurers will increasingly rely on reinsurance as the nature of terrorism changes and expands, and as the future of federal backstops become uncertain. In recent years, the nature of high-profile attacks has shifted from property damage to ‘lone wolf’ attacks designed ... Read the full article

Pool Re terror cover to expand as UK Gov changes law

22nd March 2018

Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article

Liberty Specialty Markets promotes Joanna Hitchcock to Terrorism Underwriter

21st March 2018

Liberty Specialty Markets (LSM) has promoted Joanna Hitchcock to the newly created role of Paris-based Terrorism Underwriter as part of a strategy to grow its European Terrorism account. Hitchcock was promoted from a role as Assistant Underwriter for Terrorism in London. In her new Paris based role, Hitchcock will meet brokers and attend ... Read the full article

Aon Benfield names new heads of Capital Advisory and Terrorism Specialty units

7th March 2018

Reinsurance broker Aon Benfield has announced the appointment of Eric Paire and Emma Karhan from Guy Carpenter, with the former set to lead its Capital Advisory unit, and the latter being named Head of Terrorism Specialty and Reinsurer Relationships in London. Reporting to Aon's Nick Frankland, UK Chief Executive Officer (CEO), Eric ... Read the full article

Pool Re upsizes retrocession program to £2.1bn, includes cyber terror

1st March 2018

The UK's government-backed mutual terrorism reinsurer Pool Re has renewed its retrocessional reinsurance program at an expanded size and with the inclusion of coverage for cyber terrorism events, a risk the reinsurer has been promising to include within its offering. The retrocession program was increased in size by £100 million ... Read the full article

Pool Re launches Vulnerability Self-Assessment Tool

14th February 2018

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 ... Read the full article

Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article

PCS launches Global Terror loss aggregation service

24th January 2018

In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article

Pool Re & Cranfield University co-fund Centre for Excellence in Counterterrorism role

8th December 2017

Pool Re has partnered with Cranfield University to co-fund the new position of Professor of Terrorism Risk Management and Resilience at Cranfield University, appointing Professor Andrew Silke to the role. Silke is set to assume his appointment on 31st January 2018; his role will entail enhancing national resilience by fostering a greater understanding of ... Read the full article

Pool Re coverage to include physical damage from cyber terrorism

28th November 2017

The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article

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