Pool Re Monthly Threat Update March 2021
There were no significant, confirmed terrorist attacks in the UK or other Advanced Market countries in March 2020. However, a mass-shooting in Atlanta, US, highlights definitional issues in categorising certain attacks as terrorist in nature in different jurisdictions, as well as highlights the threat of Christian fundamentalist violence in the US.
Separately, an Islamist extremist was found guilty of preparing a bladed weapon attack in London during the first coronavirus lockdown, highlighting the enduring threat of terrorism amidst lockdown restrictions. Further afield, Daesh terrorists killed dozens of people and disrupted liquid natural gas (LNG) production at a Total site in northern Mozambique.
The UK government also released the Integrated Review of security, defence, development and foreign policy this month. The Review highlighted the enduring threat of Islamist and Northern-Ireland related terrorism, with the threat of far-right extremism also remaining a concern. Furthermore, the Review observed that a successful chemical, biological, radiological or nuclear (CBRN) terrorist attack is likely in the UK by 2030.
To download the March 2021 Threat Update from Pool Re CLICK HERE
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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