Reinsurance News

Terrorism reinsurance

Collaboration needed to address growing terror threat

21st August 2017

Australian Reinsurance Pool Corporation CEO Dr Chris Wallace highlighted the need for global collaboration and cooperation between the public-private sector to address the growing terrorism threat at the inaugural International Forum of Terrorism Risk Re Insurance Pools (IFTRIP*) Paris conference. “Terrorism is a global issue and the nature of threats is constantly ... Read the full article

Global terrorism risk re/insurance pools push to drive market innovation

10th July 2017

Global terrorism risk insurance and reinsurance pools met in Paris for the inaugural International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference recently, to discuss the changing terror risk landscape and the need for continued innovation.  The event was hosted by GAREAT, the Fédération Française de l'Assurance (“FFA”) and CCR, and brought ... Read the full article

Ian Carson & Karen Payne appointed to Australian Reinsurance Pool Corporation

19th June 2017

Ian Carson and Karen Payne have been appointed to the Australian Reinsurance Pool Corporation (ARPC) - a government scheme providing terrorism insurance coverage for commercial property, high value residential property from 1st July, and associated business interruption. Carson will take up a role as part-time Chair for a three-year period from 1 July 2017 ... Read the full article

Pool Re says will work to pay any Manchester attack claims as quickly as possible

23rd May 2017

UK terrorism reinsurance backstop Pool Re has said that it will work with its various members to respond to any claims arising after last night's horrific attack in Manchester. The northern UK city of Manchester was struck by a terrorist attack last night, after a suspected suicide bombing at a pop ... Read the full article

Paris attack highlights need for broader terrorism coverage

21st April 2017

Yesterday evening's shootings in Paris, France, in which a police officer was killed and others wounded, highlights the need for insurance and reinsurance markets to offer broader terror cover, including business interruption. The attack occurred on the busy Champs Elysees, an area that was naturally full of tourists in the evening ... Read the full article

XL Catlin expands available terrorism insurance limits in U.S. by 25%

20th April 2017

Global insurer and reinsurer XL Catlin has increased its available terrorism insurance coverage limits in the U.S. by 25% to $250 million, in response to continued and growing demand for insurance protection against terror events. Previously a $200 million limit, XL Catlin's standalone Terrorism insurance solution enables U.S. companies to fill any ... Read the full article

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

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