Pool Re publishes latest Monthly Threat Update
Despite warnings by police and government officials, there were no terrorist attacks in the UK or Europe in December. The festive period usually provides a wealth of targets for would-be terrorists, due to increased footfall in commercial areas and an increase in public events. However, the coronavirus pandemic has seen restrictions imposed on public gathering across the continent, limiting the number of traditional targets, while creating other vulnerable crowded places such as medical facilities and other essential services.
Further afield, a large vehicle-borne improvised explosive device (VBIED) detonated in downtown Nashville, caused significant damage and widespread disruption to telecoms services. It has yet to be designated a terrorist attack, but several government officials have said the incident meets the definition of domestic terrorism. The incident was the first successful car bombing in an Advanced Market for some time and demonstrates that such attacks remain possible.
To download the latest Monthly Threat Update from Pool Re, CLICK HERE
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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