Pool Re Monthly Terrorism Update - September 2021

Pool-Re-Monthly-Threat-Update-September-2021

Monthly Threat Update September 2021

There were no terrorist attacks in Great Britain this month. However, the Director General of MI5 warned that the recent withdrawal of NATO troops from Afghanistan would likely exacerbate the terrorist threat to the United Kingdom in future. He also revealed that four late stage terror plots had been interdicted since early 2020.

New Zealand experienced it’s first Islamist extremist bladed weapons attack when an asylum seeker under police surveillance attacked shoppers at a supermarket in New Lynn, injuring six. The country has subsequently introduced new counter-terror legislation to make it easier to prosecute individuals suspected of engaging in attack planning.

In France, the trial of 20 people involved in the 2015 Paris attacks commenced against the backdrop of heightened security across the country. The trial of individuals involved in the 2015 Charlie Hedo attack last year precipitated a further Islamist attack. Despite additional security measures, an increase in attack planning in the country is a realistic possibility in the near term.

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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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