Pool Re publishes Terrorism Threat Update: August 2020
Authored by Pool Re
There were no terrorist attacks in Great Britain in August 2020. However, police did arrest several individuals in England and Northern Ireland on suspicion of preparation of terrorism acts.
In Europe, a suspected Islamist extremist drove his car into several other vehicles near the centre of Berlin, injuring six people. This attack was unique amongst vehicular impact attacks as it was the first to target non-stationary individuals.
Further afield, Daesh-linked militants captured the port town of Mocimboa de Praia in northern Mozambique, located close to the region’s major natural gas exploration projects. While this incident marks a major success for Daesh’s local affiliate, Islamic State Central Africa Province (ISCAP), it is unlikely to galvanise support for the group internationally, in the manner that the group’s success in Iraq did in 2014-16.
To download the Pool Re’s August 2020 Terrorism Threat Update CLICK HERE
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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