Pool Re Podcast Episode 9: How insurance plays a role in managing terrorism threat
Tom Clementi (pictured) is the Chief Executive Officer of Pool Re. Tom joined Pool Re in April of 2022, following a career spanning law, strategy, business, and insurance. Since joining Pool Re, Tom has overseen the company's transition to an Arm's Length Body of the UK Government, continued to ensure that UK terrorism insurance remains fit-for-purpose in the face of an evolving terrorism threat, and overseen the growth and development of Pool Re's advisory and consulting division, Pool Re Solutions.
In this episode we talk about Tom's career prior to Pool Re, his own experiences of terrorism, a brief history of Pool Re, and how the organisation has evolved alongside the UK terrorism threat. Tom shares his own perspective on how insurance can play a crucial role in building resilience for both business and the UK economy, his own understanding of terrorism threat, and how the threat could change in the next five to ten years.
Listen to the Pool Re podcast 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.