Reinsurance News

Terrorism reinsurance

ARPC found to be effective at managing terrorism scheme

3rd July 2019

Australian Reinsurance Pool Corporation has been found by the national auditor for the Australian Government, the Australian National Audit Office (ANAO), to be effective in managing its terrorism reinsurance scheme. The report found that the ARPC has effective processes for reviewing and collecting premiums, as well as assessing whether the scheme’s ... Read the full article

Australia opts to leave cyber cover out of Terrorism Insurance Act

21st June 2019

Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article

MMC urges U.S Senate to renew terrorism risk insurance act

19th June 2019

Tarique Nageer, Property Terrorism Placement and Advisory Leader at Marsh, a Marsh & McLennan firm, has testified before a U.S Senate Committee to highlight the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). Nageer urged members of the Committee on Banking, Housing and Urban Affairs to renew the Act, ... Read the full article

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