Pool Re publishes Monthly Threat Update for May 2021

Pool-Re-Monthly-Terrorism-Update-May-2021

Authored by Pool Re

There were no significant terrorist attacks in the UK or Western Europe in May 2021. However, instability in the Middle East between Israel and Palestine has seemingly led to an increase in anti-Semitic hate crimes and violence in the UK and US. In response to the violence, Islamist terrorist groups have urged their supporters worldwide to mount attacks on Jewish communities and associated targets.. 

In the UK, the British Standards Institution (BSI) in conjunction with several government departments, has introduced new regulations for the rental of vans and commercial vehicles. The new standards require background checks to be carried out on those attempting to rent vans to mitigate against Vehicle-as-Weapon (VAW) attacks such as the 2017 London Bridge attack.

Separately, in Belgium, police are currently searching for a soldier with far-right links suspected of acquiring sophisticated munitions and making threats towards a Belgian COVID-19 expert. The incident highlights the risk of insider threats within military and security forces, as well as the use of the pandemic by far-right groups as a recruiting and propaganda tool.

A ransomware cyber-attack shut down the US’s largest pipeline system, the Colonial Pipeline for six-days, causing widespread fuel shortages and price rises in several US states. The attack, one of the most significant on US critical national infrastructure, by a hacker group, resulted in the pipeline operator’ paying a ransom of nearly 75 Bitcoins ($4.4m) to the DarkSide hacker group.

A new French ‘Anti-Terrorism’ bill has been introduced which will extend measures to strengthen the monitoring and surveillance of newly released terrorist offenders and online terrorist activities. Like many other European countries, France is preparing the release of up to 200 Islamist extremist foreign fighters over the next two years. The new all-encompassin

To read the Pool Re Monthly Terrorism Update for May 2021 CLICK HERE

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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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