Reinsurance News
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
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
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
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
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
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
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
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
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
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
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
20th September 2017
The Nigerian insurance market has been advised to consider establishing a terrorism risk pool in order to build sufficient capacity to tackle the country's high rate of terror incidents, according to industry reports from the region. Nigeria experiences some of the highest rates of terror incidents across the world, but owing ... Read the full article
21st August 2017
Australian Reinsurance Pool Corporation CEO Dr Chris Wallace highlighted the need for global collaboration and cooperation between the public-private sector to address the growing terrorism threat at the inaugural International Forum of Terrorism Risk Re Insurance Pools (IFTRIP*) Paris conference. “Terrorism is a global issue and the nature of threats is constantly ... Read the full article
10th July 2017
Global terrorism risk insurance and reinsurance pools met in Paris for the inaugural International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference recently, to discuss the changing terror risk landscape and the need for continued innovation. The event was hosted by GAREAT, the Fédération Française de l'Assurance (“FFA”) and CCR, and brought ... Read the full article
19th June 2017
Ian Carson and Karen Payne have been appointed to the Australian Reinsurance Pool Corporation (ARPC) - a government scheme providing terrorism insurance coverage for commercial property, high value residential property from 1st July, and associated business interruption. Carson will take up a role as part-time Chair for a three-year period from 1 July 2017 ... Read the full article
