Pool Re publishes Monthly Threat Update for December 2021
Authored by Pool Re
There were no terrorist attacks in Great Britain this month. However, the Minister of State for Security and Borders re-emphasised the evolving nature of the terrorist threat towards “self-initiated” terrorism, particularly as a result of the COVID-19 pandemic.
An extremist crossbow plot was thwarted in Germany earlier in December, contributing to a recent rise in crossbows and bow-and-arrows featuring in extremist plots across Europe. Following an apparent attempt to assassinate (not terrorism related) Queen Elizabeth II with a crossbow later in the month, a review into The Crossbow Act has been ordered in the UK.
Elsewhere in the UK, a convicted terrorist was given a further sentence for using cryptocurrencies to finance terrorism. The value of cryptos sent by the terrorist over several years highlights the difficulties faced by security professionals trying to track and intercept these transfers.
Following the Liverpool bombing last month, updates are being made to the Poisons Act to require retailers to confirm the intended use of precursor chemicals before purchase and report suspicious activity within 24 hours.
Further afield, in Finland, five were arrested following the interruption of the first suspected right-wing terrorist plot in the country.
To read the full Monthly Threat Update for December 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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