Pool Re publishes Monthly Threat Update 2020
Authored by Pool Re
There has been a noticeable increase in terrorist activity in Western countries over the last two months. Following a spate of attacks in Europe, including a marauding firearms attack in Vienna, the Joint Terrorism Analysis Centre (JTAC) raised the UK’s national threat level from ‘SUBSTANTIAL’ to ‘SEVERE’. The increase in the threat level was not in response to specific intelligence but reflected concern that recent attacks in Europe could inspire terrorists in Great Britain to act. Islamist extremists’ heightened intent to target Western interests was also demonstrated by an attack on diplomats at a Remembrance Day service in Saudi Arabia.
While all major terrorist attacks in Europe over the last two months have been related to Islamist extremism, Deputy Commissioner Neil Basu, Britain’s most senior counter-terrorism police officer, said that right wing extremism is the fastest growing terrorist threat in the UK, specifically citing the vulnerability of minors to radicalisation by the far right.
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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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