Pool Re publishes Monthly Threat Update for June 2021
Authored by Pool Re
There were no significant attacks or disrupted terrorist plots in the United Kingdom in June 2021. However, a bladed weapons attack against shoppers in Wurzburg by a suspected Islamist extremist killed three and injured eight. In Ontario, a vehicle-as-a-weapon attack by a suspected right-wing extremist killed four members of a Canadian-Pakistani family.
On 17 June, the first report related to the Manchester Arena Inquiry was released. The report highlighted serious shortcomings by multiple parties with responsibility for securing the Arena prior to the 2017 attack. The inquiry made several recommendations, including endorsing the proposed ‘Protect Duty’, which is currently under public consultation. The report underscores the importance of businesses taking responsibility to protect the public and to take proactive and appropriate steps to reduce or mitigate the impact of a terrorist attack.
In the UK, a former serviceman was convicted of terror and explosive offences after police discovered chemical stockpiles and right-wing extremist propaganda at his home in 2020. Finally, the Home Secretary, Priti Patel, warned that Britain faces a potential wave of terrorist attacks as pandemic-related restrictions are eased, citing the impact of mental health problems as a result of the pandemic as a key driver of further attacks.
To read the Pool Re Monthly Terrorism Update for June 2021 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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