Covid-19 and Terrorism: assessing the short-and long-term impacts
Andrew Silke, Pool Re and Cranfield University’s Professor of Terrorism Risk Management and Resilience assesses, the short and long term impacts and potential consequences of Covid 19 on terrorist actors, target types and methodologies.
This article is very timely and worth digesting at a time when we are quite rightly focussed on the near-term issues and human and economic devastation being caused by this global pandemic. However, Pool Re’s core purpose remains the provision of terrorism reinsurance and we need to continue to understand the contemporary terrorist threats as well as horizon scan the future landscape.
Pool Re’s strategic relationship with Cranfield University underpins the importance we attach to collaborating with academia in understanding and mitigating against catastrophic perils.
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Pool Re’s purpose is to enable the UK insurance market to offer terrorism cover to any commercial property that requires it. Central to this is the integration of Pool Re’s cover with the underlying property policy which ensures that there is no gap in the cover provided.
Pool Re was designed to insulate the taxpayer from potential financial losses arising from acts of terrorism. It has achieved this effectively, to date paying £635m in respect of 13 claims arising from certified terrorism events in the UK since our establishment. It has never called on the Government’s guarantee.
By providing foundational stability at a reinsurance level, Pool Re has created an environment for the commercial market to re-establish itself, following the market failure in 1992. This stability creates and sustains access, liquidity and confidence to generate the conditions for the private market to gradually write a growing portion of terrorism risk.
Helping UK businesses build resilience against terrorism risk is a priority for Pool Re who have developed SOLUTIONS an in-house centre of excellence created to support Members and policyholders better understand risk awareness, modelling, and management. They have also invested in a range of initiatives with Government security and intelligence agencies to provide tools such as an information sharing platform.
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