Terrorism has been a constant threat in the UK for more than half a century and has proved hard for security forces to keep up with, so it is hardly surprising that the insurance market too has found itself trying to repair gaps in cover as they emerge
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A changing risk landscape is creating new challenges for SMEs and those tasked with providing the sector with insurance. But SMEs need to evolve as newer risks such as cyber attacks and data protection – along with the raft of uncertainties around Brexit…
Pool Re, the UK’s state-backed terrorism reinsurer, has launched the first ever catastrophe bond to exclusively cover terrorism risk.
Insurers under the government-backed Pool Re scheme will cover business interruption losses in cases of a terror attack.
State-backed terrorism insurer Pool Re will no longer offer contingency cover, as the commercial market believes it has the capacity to take back control.
The Motor Insurers' Bureau hopes to secure £400m worth of reinsurance cover with an excess layer of £100m, ahead of the demutualisation of terrorism risks for third party motor on the 1 January 2019.
Cyber terrorism is still very much a hypothetical threat but, with governments investing in cyber security to foil attacks, it’s a risk that insurance markets are watching closely
A new Bill has been introduced to the House of Commons which would, if passed, enable Pool Re to extend business interruption cover to include losses that do not arise from physical damage to property.
Railways are travelling through a changing landscape of severe weather risks and terror perils, but perhaps none so arresting as the cyber threats raised by their new reliance on digital connectivity
The insurance sector should re-examine its attitude towards business interruption and chemical weapon exclusions in the wake of the Salisbury incident, according to Pool Re.
Businesses disrupted by terrorist attacks will soon be able to claim under their insurance policy.
Pool Re has published its inaugural Terrorism Frequency Report with a view of informing members on terrorist threats.
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Pool Re will expand its remit to cover material damage and business interruption resulting from cyber terrorism.
Michael Lynch, head of partnerships for Minster Law, believes insurers can bring certainty to those they help.
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Almost a year into her role Zurich UK CEO Tulsi Naidu talks to editor Stephanie Denton about the events of the last 12 months and how the insurer is progressing with its transformational programme.
The future of insurance cover lies in intangible risks, a conference of claims professionals has heard.
Pool Re will soon receive the first claims from the Manchester terror attacks, its chief underwriting officer has confirmed.
The Manchester attack touched us all this week. Because we might live or work in the city. Because we might have visited recently. Or because we have, you know, a heart.
Pool Re will work with its members to resolve any claim arising from the suicide bomb attack in Manchester, the terrorism reinsurance fund has said.
The number of terrorist incidents on UK soil has dropped since Pool Re was set up, with Irish republican paramilitary attacks giving way to less frequent strikes by radical Islamic terrorists, however, the threat to the country remains as severe