Pool Re rolls out premium discount scheme for buyers

Pool Re rolls out premium discount scheme for buyers

Pool Re rolls out premium discount scheme for buyers

UK terrorism reinsurer Pool Re has launched a terrorism risk assessment tool for medium-sized and large businesses to measure their risk and receive a potential 5% discount on their premiums. Buyers that use the Vulnerability Self-Assessment Tool (VSAT) will be offered lower premiums by Pool Re’s member insurers for implementing new risk mitigation measures. The tool will be in place…

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets targets French unit for growth

Liberty Specialty Markets, part of Liberty Mutual, is set to expand its commercial insurance business in France through focused investment in the country, including increasing the size of its team and adding new product lines. Four new lines of business have been earmarked for France, including surety, fine art and specie, contingent risk and terrorism. Outlining the plans at last…

Pool Re warns of changing terror threat

Pool Re warns of changing terror threat

Pool Re warns of changing terror threat

There were 226 global terrorist attacks in the last quarter of 2017, causing 2,248 deaths, according to a new quarterly Terrorism Frequency Report by Pool Re, the reinsurance pool for terrorism risks in the UK. Four of the attacks were recorded in Europe. In addition, Pool Re notes that there were five successful terror attacks in the UK last year,…

Airmic welcomes Pool Re’s cyber extension

Airmic welcomes Pool Re’s cyber extension

Airmic welcomes Pool Re’s cyber extension

Airmic has welcomed Pool Re’s move to extend terrorism cover to include damage and direct business interruption losses from cyber-driven terror attacks from April this year. In Airmic News, the association’s CEO, John Ludlow, said the decision announced late last year is a “bold step”. “We welcome this as a major step forward for businesses in the fight against terrorism…

Pool Re extends coverage to cyber-driven terror attacks

Pool Re extends coverage to cyber-driven terror attacks

Pool Re extends coverage to cyber-driven terror attacks

The UK’s terrorism reinsurance scheme Pool Re has confirmed it will extend cover from April 2018, to include damage and direct business interruption losses from cyber-driven terror attacks. The new cover, which excludes intangible assets, will be provided as standard on policies offered by Pool Re members to commercial policyholders. Julian Enoizi, chief executive of Pool Re, said the extension…

Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets (LSM) has appointed Jennie Beard to the new role of senior underwriter for war and terrorism, following recent growth in the business line. Ms Beard will report to Paul Beattie, underwriting manager for war and terrorism, and will be based at LSM’s headquarters in London. Ms Beard joins the company from Sompo Canopius, where she was co-head…

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

As UK multinationals report a marked drop in confidence levels in response to political and economic upheaval driven, in part, by Brexit, there are worrying signs they are taking their eyes off other pressings risks, finds a survey by CNA Harvey. The insurer believes this is leading to risk “blindspots” that are only likely to increase as UK multinationals look…

New approach needed for growing political risk

New approach needed for growing political risk

New approach needed for growing political risk

Companies need to take a more structured approach to managing growing geopolitical and economic uncertainty, according to a panel debate at the Ferma Forum. Increasing nationalism and protectionism, as well as growing political volatility in Europe, are creating greater uncertainty for European businesses, according to the panellists. Carl Bildt, former prime minister of Sweden and keynote speaker at the forum,…

RIMS report outlines terrorism risk insurance options

RIMS report outlines terrorism risk insurance options

RIMS report outlines terrorism risk insurance options

A new report on terrorism insurance has been published by RIMS, entitled Terrorism Insurance: Understanding the Boundaries of Coverage for a Risk Without Borders. The report outlines insurance options and risk management solutions to help organisations be better prepared for the impact of a terrorist attack, as well as providing information on negotiating terrorism coverage. According to RIMS, terrorism risk…

Pool Re pushes for non-damage BI terror cover

Pool Re pushes for non-damage BI terror cover

Pool Re pushes for non-damage BI terror cover

Pool Re, the UK’s government-backed terrorism reinsurance fund, is “anxious” for the insurance market to respond to the changing terrorist threat posed by Islamist extremists and offer non-damage business interruption (NDBI) to insurance buyers. Julian Enoizi, chief executive of Pool Re, said talks are underway to extend Pool Re’s cover, which has traditionally covered physical damage or loss to commercial…

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