Reinsurance News

Terrorism reinsurance

Pool Re report emphasises private sector’s role in countering UK terrorism

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

IUA backs mutualisation of motor terrorism risks in UK

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

MIB to handle all UK terrorism motor claims from 2019

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

RMS updates terrorism models to address new trends

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

Aon and Chubb partner on new terrorism and political violence policy

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

Pool Re names Tracey Paul as Chief Strategy and Communications Officer

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

EPUL positions new terrorism cover as alternative to Pool Re

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

XL Catlin develops terror cover for auto fleets

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

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

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