Pool Re publishes Terrorism Threat Update: January 2021
Whilst no significant terrorist attacks took place in January 2021 in the UK, the rest of Western Europe or North America, there has been a noticeable increase in counter-terrorist activity. Within the UK, counter-terrorism police disrupted two plots, one involving a far-right suspect and one involving an Islamist suspect.
In the former, the offender attempted to utilise 3D printing technology to build a firearm, underscoring the impact that emerging technologies can have in increasing terrorist threat profiles. In the other case, the Islamist plotter had built a viable explosive device, reiterating the intent by terrorist actors to conduct bombings in the UK.
Furthermore, reports by a prison watchdog highlighted the risk of further entrenching radical views in prisoners at specialist extremist units in prisons, with imprisoned terrorist offenders attacking guards and refusing to participate in deradicalisation programmes. Even with new legislation brought in to prevent the early release of terrorist offenders, attacks by former terrorist prisoners remain a possibility, as exemplified by the 2019 London Bridge attack and the 2020 Streatham attack.
In France, police arrested several members of a suspected far-left terrorist group, with sophisticated weapons in their possession. According to local sources, these individuals planned to attack military or police targets. Whilst the far-left threat in the UK is minor compared to that in mainland Europe, increasing political polarisation raises the possibility of far-left extremism spreading in the UK.
To read the full update authored by Pool Re 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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