Pool Re Terrorism Threat Update: November 2021

Pool-Re-Terrorism-Threat-Update:-November-2021

Authored by Pool Re

There was one terrorist attack in Great Britain this month: an Improvised Explosive Device partially detonated outside the Liverpool Women’s hospital. It remains unknown if the hospital was the intended target as a Remembrance Day service was underway nearby, and the motivation for the attack is still unconfirmed. As a result of this attack, and the killing of Sir David Amess MP last month, the UK terrorism threat level was raised to SEVERE: meaning an attack is “highly likely”.

Elsewhere in Great Britain, MI6 chief Richard Moore addressed the need for the security services to work with private technology companies and the private sector to retain a technological advantage over hostile states and terrorist groups, in a constantly evolving technological “arms race”.

For the first time since the UK’s Prevent programme began, far-right referrals have overtaken referrals for Islamist extremism. However, this is not reflected in the current threat posed by extremist groups in the UK. Also, the British Government has now proscribed the political wing of Hamas as a terrorist organisation, further to the proscription of the military wing in 2001.

Further afield, in Iraq, a drone laden with explosives was used to bypass high security in an assassination attempt against the Prime Minister. Drones carrying explosives have previously been used in conflict zones, but not in the UK, which has instead seen drones used for disruption, particularly against airports.

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About Pool Re

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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