Pool Re SOLUTIONS Monthly Threat Update July 2020
Pool Re Monthly Threat Update July 2020
There was one terrorist attack in Great Britain this month; a bladed weapons attack against members of the public in a park in Reading. The frequency of attacks across Western Europe is likely to increase as countries begin to ease restrictions imposed in response the ongoing COVID-19 pandemic. As lockdowns are eased, the opportunities for mass casualty attacks will increase and planned attacks, deferred due to the pandemic, may now materialise.
Elsewhere, US law enforcement disrupted a plot by an American soldier to attack his own unit. According to the indictment, the soldier passed intelligence on the movements of his unit to a Satanic, Neo-Nazi group known as the Order of Nine Angles (O9A). Such plots highlight the enduring threat from ‘insiders’ and the problem of right-wing extremists joining the military to access weapons, training and intelligence which can be used in attack planning.
In Africa, French forces killed the leader of Al-Qaeda in the Islamic Maghreb (AQIM) during a military operation in northern Mali. Abdelmalek Droukdel was the leader of AQIM and its precursor groups since 2004 and was largely responsible for the group’s expansion from Algeria across the Sahel. Droukdel’s death is unlikely to affect the group’s operations materially, and although it may seek to target Western interests locally in response, attacks in Europe by the group or its agents are unlikely.
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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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