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 and cybercrime,” Mr Ludlow said. “I particularly applaud Pool Re, and by extension the government, for evolving its cover into a complex area of risk which addresses aggregate vulnerabilities where the financial consequences can be huge.”
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 to Pool Re would “future proof” the scheme.
“The threat from a cyberattack is evident and businesses have become increasingly concerned about the extensive repercussions these types of attacks could have on them. This was a clear gap in our coverage, which left businesses potentially exposed,” Mr Enoizi said.
“After rigorous analysis, we determined that we can close this gap. It is a pivotal moment for Pool Re, which establishes a new standard for terrorism cover and places the UK at the forefront of nations reinforcing their economies against emerging risks. It is also an indication of what can be achieved through cross-industry, academic and governmental collaboration,” he added.