Reinsurance News

Terrorism reinsurance

Pool Re seeking up to £50m NDBI retro cover

12th June 2019

UK government-backed terrorism reinsurer Pool Re is looking to secure a retrocession placement for July 1 of between £40 million and £50 million. This is in response to an increase of risk shouldered by Pool Re following parliamentary approval in February that enabled it to cover non-damage business interruption (NDBI) ... Read the full article

Only 19% of UK firms have terrorism insurance, Pool Re finds

3rd June 2019

A new report commissioned by the UK’s government-backed mutual terrorism reinsurer Pool Re has found that only 19% of UK firms have a terrorism insurance policy in place, a figure which the company says indicates a widespread lack of attack contingency planning among the country’s businesses. The uptake of Small to ... Read the full article

A.M. Best warns P&C insurers of rating downgrades ahead of TRIPRA expiration

14th May 2019

Rating agency A.M. Best has warned U.S property and casualty (P&C) insurers with exposure to terrorism risk that they could face potential rating downgrades if the Terrorism Risk Insurance Program Reathorization Act (TRIPRA) of 2015 is left to expire in 2020. The Act provides a federal backstop to insurers to help ... Read the full article

Sri Lanka terror attacks investigated for possible designation by PCS

25th April 2019

Property Claim Services (PCS) is investigating the potential insurance and reinsurance industry loss from the recent terrorist attacks in Sri Lanka, to identify whether the event should be designated under its PCS Global Terror product. PCS launched its Global Terror loss aggregation service in early 2018, since when no qualifying ... Read the full article

Rising terror threat, populism, political tension a challenge for businesses: Aon

11th April 2019

Growing populism in some parts of the world, combined with increasing protectionist measures in others and rising political and trade tensions, are creating both challenges and opportunities for the risk transfer industry, according to Aon's 2019 Global Risk Maps. The insurance and reinsurance broker's 2019 Global Risk Maps, developed alongside Continuum Economics ... Read the full article

New Zealand insurers waive terrorism exclusions for Christchurch victims

19th March 2019

New Zealand insurers AA Insurance and Tower are to waive the terrorism exclusions in its house, car, contents and commercial building policies for damage inflicted by the recent Christchurch mosque shootings, according to Stuff. IAG, which owns State, AMI and NZI, also said it would also waive the exclusion in its ... Read the full article

Pool Re joins Home Office, Counter Terrorism Police on new initiative

6th March 2019

The UK’s government-backed mutual terrorism reinsurer Pool Re, alongside the UK National Counter-Terrorism Police HQ and the Home Office’s Joint Security & Resilience Centre, is launching an interactive information sharing platform designed to help businesses become more resilient to terrorism. Pool Re has invested £10 million in the project and says ... Read the full article

Chubb, Impact Forecasting team up on new terrorism risk model

4th March 2019

Global insurer Chubb has partnered with Aon’s Impact Forecasting on a terrorism risk model, designed for deployment in dense urban environments such as Manhattan, that is able to distinguish between facade and structural damage as well as determine the likelihood that a building will collapse. Risk modelling specialists from both firms ... Read the full article

Pool Re completes first terrorism cat bond, securing £75mn retro cover

26th February 2019

Pool Re, the UK’s government-backed terrorism reinsurer, has completed what it claims to be the first-ever standalone terrorism catastrophe bond, providing £75 million of retrocession protection for losses in excess of £500 million. The bond, which was issued through special-purpose vehicle Baltic PCC Ltd, is designed to move UK taxpayers even ... Read the full article

Pool Re approved to offer non-damage business interruption cover

12th February 2019

Pool Re, the UK’s government-backed terrorism reinsurer, has received Parliamentary approval to cover losses incurred by businesses that cannot trade or access their premises in the wake of a terrorist attack. The Counter-Terrorism and Border Security Bill 2018, which was granted Royal Assent today, will make Pool Re the first terrorism ... Read the full article

Australian terror pool renews AU$3.3bn retro reinsurance program

4th February 2019

The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has renewed its AU$3.315 billion (US$2.3 billion) retrocession reinsurance program for 2019. The cover, along with ARPC’s net assets and a $10 billion Commonwealth guarantee, provides capacity in the event of a declared terrorism incident against commercial and eligible property ... Read the full article

Pool Re returns contingency terrorism cover to commercial market

7th January 2019

Sufficient capital within the commercial re/insurance markets has led Pool Re, the UK’s government-backed terrorism reinsurer, to cease reinsuring its members for the contingency cover they provide to their insureds. Pool Re began writing the class after London was awarded the 2012 Olympic Games and the commercial market determined that it ... Read the full article

Cyber not included in Australia’s terrorism reinsurance pool

13th December 2018

With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article

Berkshire Hathaway withdraws from Hong Kong terrorism pool

11th December 2018

Berkshire Hathaway Specialty Insurance Company (BHSI) announced that it has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism pool effective 1 December 2018. Instead, BHSI will now offer terrorism coverage to customers directly, making them the first insurer to do so. This decision benefits all BHSI’s new and existing EC customers ... Read the full article

Pool Re outlines new non-damage business interruption cover

15th November 2018

Pool Re, the UK’s government-backed terrorism reinsurer, has outlined plans for its forthcoming non-damage business interruption (NDBI) cover, which is designed to protect businesses from interruption costs in the event of a terror attack even if their premises are not damaged. If approved in Parliament, the new NDBI cover will include ... Read the full article

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