Pool Re publishes Monthly Threat Update for October 2021
Authored by Pool Re
There was one terrorist attack in Great Britain this month: a bladed weapon attack on Sir David Amess MP in Leigh-on-Sea. The previously unpublicised terrorist threat level for MPs was raised to SUBSTANTIAL and a review of MP security has been ordered. The incident also raised concerns about the effectiveness of Prevent, the Government’s counter- radicalisation programme.
Elsewhere in the country, a teenage neo-Nazi was sentenced for terror offences, including attempting to procure 3-D printed firearms. The case underscores the enduring threat from right-wing extremists, and the ongoing intent of terrorists in the UK to acquire more sophisticated weapons.
In Norway, an attack by an assailant using a bow and a bladed weapon killed five. It remains unclear if the attack was motivated by Islamist extremism. Regardless, the incident highlighted the potential lethality of attacks using legally available weapons.
Further afield, in Afghanistan, Daesh’s local affiliate (ISKP) claimed responsibility for two bomb attacks, collectively killing nearly 100 people and injuring many more. Deteriorating security in the country does not pose an immediate threat to the UK, but long-term insecurity in the region could have significant domestic security implications for Western countries.
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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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