Pool Re publishes Terrorism Threat Update for September 2020
There were no terrorist attacks in the UK this month. However, a man armed with a bladed weapon injured two people near the former offices of satirical magazine Charlie Hebdo in Paris. The attack was reportedly launched in response to the magazine’s decision to reprint a controversial cartoon of the Prophet Mohammed, first published in 2015. Separately, a Welshman is currently on trial for charges linked to the possession of chemicals and explosives. In addition, police in the US arrested a French-Canadian woman for allegedly sending a letter containing ricin to President Donald Trump.
Further afield, a cyber-attack against a hospital in Germany resulted in the death of a woman. German prosecutors have opened a negligent homicide investigation against the unidentified individual or group involved. In a separate event, the Baghdad offices of British security company G4S were allegedly targeted by a weaponised drone, directed by an unconfirmed group. This event showcases the growing intent and capability of violent groups to weaponise and utilise novel technologies in their attacks.
To download the September 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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