Pool Re launches SOLUTIONS to enable UK insurers and businesses to build resilience against terrorism risk
Pool Re, Britain’s government-backed terrorism reinsurer, today announced the launch of Pool Re Solutions, a specialist unit created to support its member insurers and their policyholders by sharing the unique understanding and partnerships it has established over 25 years of reinsuring terrorism risk. The new in-house centre of excellence has been developed to streamline and amplify its emphasis since 2015 on risk awareness, risk modelling and risk management.
Pool Re Solutions is comprised of three core pillars:
The Risk Awareness team will continue to provide analysis, intelligence and expertise on all aspects of the terrorism threat, using a broad range of data from sources such as the Global Terrorism Database - the most comprehensive public record of terrorist attacks available.
The Risk Modelling team will advance their work in developing sophisticated terrorism modelling tools and techniques that can underpin better pricing and greater deployment of capacity into terrorism (re)insurance.
The Risk Management team, a key facilitator of terrorism risk management information and techniques, will link government agencies, academia, risk professionals and the insurance industry to ensure knowledge and best practice is widely recognised and shared.
Julian Enoizi, Pool Re CEO, commented: “Pool Re has been working hard since 2015 on two strategic priorities. First, to increase the resilience of the UK economy to acts of terrorism. Second, to grow the industry’s understanding of terrorism risk, and consequently its ability to price, manage and package an important aspect of the country’s exposure. I believe Pool Re Solutions will represent a turning point in our industry’s relationship with terrorism risk and allow these two aims to truly converge. Ultimately, the more policies that are bought, the stronger the resilience of the economy to acts of terrorism, and the more the insurance industry is able to grow and innovate.
“As the terrorism threat continues to change and become more complex, there has emerged a corresponding need for Pool Re to support its members with an equally dynamic set of underwriting tools, technical services, training, and insight, to support the traditional provision of reinsurance cover. I am confident that Solutions will allow us to meaningfully address the information and demand gaps currently presenting challenges such as underinsurance in the SME sector, and enable Pool Re to continue to bridge and harness the best from both of their public and private partners.”
Pool Re also releases the much anticipated 2019 Threat & Mitigation Report, which offers a detailed analysis of the current threat landscape and awareness levels. The report, produced by the Pool Re Risk Awareness team, notes that terrorist groups have shown themselves to be adaptable and innovative. While the UK threat level was recently changed from ‘severe’ to ‘substantial’, the risk remains high and insurers continue to need unprecedented levels of expertise in terms of evaluating, pricing, modelling and mitigating terrorism risk.
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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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