Reinsurance News
Terrorism reinsurance
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Berkshire Hathaway Specialty Insurance Company (BHSI) announced that it has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism pool effective 1 December 2018.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
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