Reinsurance News
Terrorism reinsurance
Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re
6th February 2018
Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article
PCS launches Global Terror loss aggregation service
24th January 2018
In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article
Pool Re & Cranfield University co-fund Centre for Excellence in Counterterrorism role
8th December 2017
Pool Re has partnered with Cranfield University to co-fund the new position of Professor of Terrorism Risk Management and Resilience at Cranfield University, appointing Professor Andrew Silke to the role. Silke is set to assume his appointment on 31st January 2018; his role will entail enhancing national resilience by fostering a greater understanding of ... Read the full article
Pool Re coverage to include physical damage from cyber terrorism
28th November 2017
The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article
Nigeria should consider the establishment of a terrorism risk pool: Reports
20th September 2017
The Nigerian insurance market has been advised to consider establishing a terrorism risk pool in order to build sufficient capacity to tackle the country's high rate of terror incidents, according to industry reports from the region. Nigeria experiences some of the highest rates of terror incidents across the world, but owing ... Read the full article
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