Reinsurance News

Terrorism reinsurance

Australian Reinsurance Pool to conduct cyber terrorism study

31st October 2018

The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has commenced a 12-month research study on the threat of cyber terrorism in Australia. The study will aim to identify and explore current and prospective threats, and assess the practicalities of extending insurance coverage to include cyber terrorism in Australia, ... Read the full article

IFTRIP addresses emerging terror risks at 2nd annual conference

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

Evolving terror threat challenges the entire value chain: Guy Carpenter

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

Aon partners with Pembroke on $50mn policy for victims of terrorism

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

Markel hires Tom Simpson as War & Terrorism Underwriter

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

Liberty Specialty expands political violence coverage

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

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

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