Guaranteeing Great Britain: Pool Re issues strategy paper
Pool Re, Britain’s leading terrorism reinsurer, has announced the launch of its forward-looking strategy paper entitled, “Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience”.
The launch coincides with the recent announcement by the government of its latest five-year review of Pool Re, which will include discussion around elements of the mutual’s proposed strategic direction for the next five years.
The strategy paper examines the innovations and the development of Pool Re since the last review in 2014, as well as taking a look forward to the next five years; offering members and other interested parties an opportunity to put forward their views on how it operates and develops.
Pool Re makes clear its ambition to create an organisation that is effective and suitable for the 21st century, proposing reforms to the scheme’s operating model and scope of activity. These aim at continuing to achieve the correct balance of risk share between the taxpayer and the commercial market, thus distancing the taxpayer from potential loss, and enabling members to retain more risk themselves.
As part of that strategy, Pool Re Solutions was launched in 2019 to provide analysis and advice to members and their policyholders on terrorism risk awareness, risk modelling and risk management, to promote the mitigation of impact from potential loss.
Julian Enoizi, chief executive officer of Pool Re, said: “Nearly three decades on from the founding of Pool Re, our industry continues to rise to meet the challenges of the evolving terrorism threat. That we do so is premised more strongly than ever on the principles of collective ownership, and combined endeavour. That is why we have launched this paper ahead of the Treasury’s call for evidence later this autumn, as it is vital for the insurance industry to contribute to the review and to collaboratively influence the future direction of Pool Re.”
To download a copy of Pool Re’s strategy paper CLICK HERE
Authored by Pool Re
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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