UK insurance leaders form group to propose pandemic response
UK Insurance industry leaders have combined to form a steering group, which will work with Pool Re, with the primary objective to ensure that, working alongside the industry to support customers and communities in the current crisis, the industry can strengthen its response to future pandemics. The first group meeting was held last Friday, 17th April 2020, to agree its objectives.
Chaired by Stephen Catlin (Chairman and CEO, Convex) other members of the group include : Maurice Tulloch (CEO, Aviva), Stephen Hester (CEO, RSA), Julian Enoizi (CEO, Pool Re), Nick Frankland (UK CEO Reinsurance Solutions, Aon), James Nash (CEO, International, Guy Carpenter) and James Kent (CEO, Willis Re). Other participants will be invited to join in due course.
The steering group’s main objective is to propose an industry response to both the government and the country. Pool Re, a world class example of a disaster risk-financing mechanism, will work closely with the steering group to provide structural recommendations. The insurance industry is well placed to support the government, individuals and businesses through its sophisticated claims paying ability and distribution channels. Moreover, the industry can, through its links with academia, provide expertise on how to mitigate risk.
Stephen Catlin said: “The insurance industry needs to be on the front foot in the current situation, paying claims quickly and continuing to provide people and businesses with the protection they require. Most importantly we need to find an industry solution for future pandemics and this group has many years of combined industry experience.”
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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