Pool Re launches Re:New expert advisory group to explore how to protect UK economy from future systemic risks
Pool Re, Britain’s leading terrorism reinsurer, has announced the launch of Re:New, an expert advisory group founded in order to explore how to protect the UK economy from systemic risks.
Re:New will unite experts from insurance, government, industry, academia and beyond to explore how the insurance industry, the private sector, public sector and the public can work together to better protect the UK from the economic consequences of systemic risks such as climate change and cyberterrorism.
Together, the group will develop a series of recommendations in the form of high quality reports, focusing on how the UK can become more resilient before the next systemic risk strikes, considering the intellectual, commercial and political challenges faced by the insurance industry and related fields.
Pool Re chief executive, Julian Enoizi said: “In the past, when the world was confronted by a new risk, our industry’s promise to society was that it would insure it. Today, the scale of the risks we face dwarf what insurers alone can handle. But there is still a critical role insurance can play, working in a new kind of partnership with government, businesses, and society.
“Pool Re was founded as a better way to share the costs and burden of terrorism risks between the government and insurers. We have shown that the model works for terrorism, and we believe there is much to be learnt from its success. Drawing together diverse thinkers, Re:New will explore how Pool Re’s approach, and others like it, could be applied to risks of all kinds, from cyberterrorism to the hazards associated with climate change. When the next risk comes, we must be ready for it.”
Confirmed Re:New members include:
- Stephen Catlin (Chairman and CEO, Convex Group Limited);
- The Rt. Hon. Amber Rudd (former UK Home Secretary);
- Professor Paula Jarzabkowski (Professor of Strategic Management, City, University of London & Qld);
- Sir Mark Rowley (former Assistant Commissioner for Specialist Operations of the Metropolitan Police);
- Paddy McGuinness CMG, OBE (former UK Deputy National Security Adviser - Intelligence, Security and Resilience);
- Dr Nicola Ranger (Deputy Director of the Centre for Greening Finance and Investment and Head of Climate and Environmental Risks, Oxford Sustainable Finance Programme at the University of Oxford);
- Charles Landgraf (Senior Counsel at Washington DC law firm Arnold & Porter and one of Washington’s top lawyer lobbyists involved in the development of many federal catastrophe programmes);
- Claire Perry-O’Neill (Managing Director for Climate and Energy at the World Business Council for Sustainable Development and former UK Minister for Energy and Clean Growth);
- Louise Pryor (President of the Institute and Faculty of Actuaries, Chair of the London Climate Change Partnership and a Director of the Ecology Building Society);
- Simon Ruffle (Director of Research and Innovation Centre for Risk Studies, Judge Business School, Cambridge University).
- Sir Oliver Letwin (Former MP and Chancellor of the Duchy of Lancaster);
- Lord Browne of Ladyton (Labour Member of the House of Lords, former UK Secretary of State for Defence)
Authored by Pool Re
About 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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