Pool RE SOLUTIONS Annual Review 2020: A year of turmoil
The Pool Re SOLUTIONS Annual Review provides an overview of significant developments in the field of terrorism risk, bringing together experts from a range of disciplines including (re)insurance, policy, academia, security, and risk management. As well as addressing key issues in counter-terrorism and protective security, the Review includes leading research and commentary on significant events and trends in disaster risk financing and related public policy. Contributors to the report include both SOLUTIONS in-house team of analysts, actuaries, and risk managers, and individuals from Pool Re’s wider network of thought leaders and subject matter experts.
When examining the terrorism threat, our methodology is based on analysis of the wide range of publicly available open source material and collaboration with subject-matter experts. We also used the Global Terrorism Database, compiled by the University of Maryland to provide a statistical underpinning to other studies. Where the Global Terrorism Database was not used, we used publicly available data drawn from a variety of sources, the references to which can be found at the end of each article.
We hope that our analysis of the terror threat will be helpful for our Members and other stakeholders as they seek a greater awareness of the frequency and severity of terrorist events and how the evolving threat impacts on their particular area of activity. Furthermore, we aim to promote a better understanding of the challenges and opportunities faced not only in the field of terrorism risk, but by the wider (re)insurance sector.
In this edition, we consider a range of trends and events which are reconfiguring the threat landscape, as well as looking more widely at developments in the re(insurance) sector and related legislative and policy issues.
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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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