Reinsurance News

Terrorism reinsurance

Australia’s Terrorism Insurance Scheme revised for extended cover

12th April 2017

Amendments expected to extend Australia’s Terrorism Insurance Scheme coverage, recommended by the 2015 Triennial Review by Treasury, have been approved with effect from 1st July. The changes broaden the definition of eligible property by including buildings where at least 20% of floor space is used for commercial purposes or that are ... Read the full article

Emerging markets to be hit hardest by rising terrorism & populism: Aon

11th April 2017

Populism and terrorism have been converging, with both elements feeding into and propagating the other to compound global geopolitical risks, said Aon, noting a 14% increase in global terror attacks last year in its latest Risk Maps report. This terrorism increase has been compounded by rising waves ... Read the full article

Pool Re appoints Donaldson as Deputy Head of Risk Analysis

28th March 2017

Pool Re, the UK government and re/insurance industry backed terrorism reinsurance scheme, has announced a strengthening of its risk analysis and research team, with the appointment of Andrew Sean Donaldson as Deputy Head of Risk Analysis. Donaldson will report to Ed Butler, Head of Risk Analysis, and takes up his new ... Read the full article

Pool Re cyber risk coverage to incentivise cyber-resilience

17th March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, is ploughing ahead with its plans to add property coverage for terror-related cyber events to its offering. According to its Chief Executive Officer (CEO), Julian Enoizi who spoke with Reuters last week, the coverage arrangements will include incentives to ... Read the full article

Pool Re hopeful to include terror-related cyber for property cover: CEO, Enoizi

10th March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, is planning to extend its coverage to include cyber attacks on property, says the entities Chief Executive Officer (CEO), Julian Enoizi. Speaking to Reuters, Enoizi said "Insurance is there for the unimaginable - we're here to insure the unforeseen," and revealed that ... Read the full article

Pool Re ups retro reinsurance protection to almost £2 billion

3rd March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, has increased the size of its retrocessional reinsurance program to almost £2 billion. In the last year Pool Re had £1.95 billion of retrocession in place, so the increase is not all that significant in terms of size, but it ... Read the full article

Ironshore increases Terrorism & Sabotage programs capacity to $400 million

21st February 2017

Bermuda domiciled specialty insurance and reinsurance holding company, Ironshore International, has announced that it's increased its Terrorism & Sabotage programs capacity to $400 million, effective immediately. The new $400 million capacity level represents growth of roughly 6.7% from the previous $375 million limit, and is in response to a rise in ... Read the full article

Validus insurance unit Talbot launches terror facilities

9th February 2017

Bermudian re/insurer Validus' insurance unit Talbot has launched three enhanced terror facilities in the Singapore, Latin American and Dubai markets, after seeing growing global demand for terror coverage. The Facilities offer a full range of coverage against war and other political violence perils, Talbot's Global Practice Leader for Political Violence, Steven Tebbutt, commented; ... Read the full article

Terror coverage demand set to increase in 2017: Pool Re

9th February 2017

Re/insurers could see increased demand for terror coverage across Europe in 2017, as the emerging geopolitical landscape shows the year will bring heightened and shifting terror threats. The largest provider of terrorism reinsurance cover in the UK, Pool Re, has issued a report listing the key terrorist themes for ... Read the full article

Reinsurers can help to close terrorism loss gap: Karhan, Guy Carpenter

31st January 2017

The global insurance and reinsurance industry should look towards closing the protection gap in terrorism risks, where economic impacts continue to far outstrip insured terror losses. Capacity remains abundant for terrorism reinsurance coverage but the market needs to shift its focus, according to Emma Karhan, a Managing Director with a specialism ... Read the full article

Austrian terrorism reinsurance pool signs up to IFTRIP

10th January 2017

The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the charter of the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP). The Austrian terror risk reinsurance pool is the seventh sovereign risk pool to sign up to the IFTRIP charter since its inception ... Read the full article

Guy Carpenter advises caution on terrorism coverage in 2017 forecast

6th January 2017

With global political volatility on the rise, terrorism coverage will require extra vigilance, while new technologies shift the landscape of challenges and opportunities for re/insurers, according to broker Guy Carpenter. New technologies, big data and predictive analytics, coupled with the "sharing" economy are some of the major emerging factors ... Read the full article

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