Reinsurance News
15th October 2018
The International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP) has convened at a 2nd annual conference in Moscow to address a variety of emerging terror threats and risk mitigation strategies. The event, which followed a series of closed session meetings involving terrorism risk finance experts from across the world, brought together ... Read the full article
8th October 2018
The rapidly evolving nature of the global terror threat is proving challenging to the entire re/insurance value chain, according to reinsurance broker Guy Carpenter, although the industry is well placed to meet its demands head on. The Marsh & McLennan Companies subsidiary claimed that now more than ever, brokers and underwriters ... Read the full article
27th September 2018
Global re/insurance broker Aon has collaborated with Pembroke Managing Agency at Lloyd’s in the development of a Public Protection Policy, designed to help businesses provide financial support to individuals affected by a terrorist attack on its premises or owned space. With an aggregate policy limit up to $50 million, the solution ... Read the full article
7th August 2018
Specialist re/insurer Markel International has announced the appointment of Tom Simpson as a War and Terrorism Underwriter. Simpson has 15 years’ insurance industry experience, and most recently served as a Political Violence Underwriter at Novae, now part of Axis Capital. In his new role he will report to senior underwriter Ed Winter, ... Read the full article
3rd August 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the launch of its expanded political violence coverage that now includes a range of new risks. Now included under one policy wording are loss of attractions, denial of access, third party liability, employees liability, cyber, and bodily injury as a ... Read the full article
31st July 2018
Pool Re has examined the current state of terrorist threat in the UK in a 12-page report that outlines the ways to improve risk mitigation and resilience across the public and private sectors. The report acknowledges the importance of working closely with the private sector, including the insurance and reinsurance sector, ... Read the full article
26th July 2018
The International Underwriting Association (IUA) has lent its support to a recent vote by UK motor insurers to mutualise risks for terrorism claims that will see the Motor Insurance Bureau (MIB) handle all claims for victims of vehicle-related terrorist events from January 2019. All UK motor insurers are members of ... Read the full article
24th July 2018
Motor insurers in the UK have voted to mutualise the risks associated with terrorism claims, electing that The Motor Insurance Bureau (MIB), the UK's not-for-profit body, handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. All motor insurers writing ... Read the full article
18th July 2018
Global risk modelling and analytics firm RMS has updated its Probabilistic Terrorism Model (PTM) and Terrorism Scenario Model (TSM) to address new trends and challenges in the threat landscape, such as the rise of ‘lone-wolf’ attacks and the geographic spread of risks within major cities. Updates to RMS’s Terrorism Target Database ... Read the full article
10th July 2018
Re/insurance broker Aon plc has collaborated with Chubb Limited and Lloyd’s to develop a new stand-alone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated market. Platinum has been designed for multinational clients looking to fulfil local regulatory requirements in all territories they operate in, ... Read the full article
3rd July 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has appointed Tracey Paul to the newly-created position of Chief Strategy and Communications Officer. Paul has more than 20 years of strategic communications experience and will take up her new position with immediate effect, reporting directly to Julian Enoizi, Chief Executive Officer (CEO) at ... Read the full article
12th June 2018
London-headquartered commercial property MGA European Property Underwriting Limited (EPUL) has announced the launch of a flexible UK and Northern Ireland terrorism solution meant to offer a more cost-effective alternative to Pool Re. With a minimum premium of £25, compared to £100 under Pool Re, the new terrorism policy provides material damage ... Read the full article
8th June 2018
XL Catlin has launched a new insurance solution called Auto Terror Protect for companies with fleets of vehicles that could be used as a weapon in a terrorist attack. The product will be targeted at fleet operators, vehicle rental companies, haulage and logistics companies, and is designed as a contingent umbrella ... Read the full article
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
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
