End of lockdown drives up transport terrorism risk

End of lockdown drives up transport terrorism risk

End of lockdown drives up transport terrorism risk

The potential for larger passenger numbers on public transport as lockdown restrictions ease could raise the potential for terrorist attacks, according to UK terrorism reinsurer Pool Re. In the first of a new series of sector risk reports, Pool Re says transport remains an “attractive target” for terrorists, adding that lockdown has also increased the threat of self-radicalisation. “The return…

Time to step up and be counted argues Swiss broker Kessler

Time to step up and be counted argues Swiss broker Kessler

Time to step up and be counted argues Swiss broker Kessler

The insurance industry has something of a daunting feel right now. The days of the prolonged soft market, extensive capacity and amenable terms and conditions almost seem a distant memory. Premiums have been rising as insurers go to great lengths to keep their exposure under control in a changing risk landscape, notes leading Swiss broker Kessler in its recently published…

More awareness needed of bioterrorism risk: Carnegie-Brown

More awareness needed of bioterrorism risk: Carnegie-Brown

More awareness needed of bioterrorism risk: Carnegie-Brown

Lloyd’s chairman Bruce Carnegie-Brown has called for greater awareness among UK companies of the risk from bioterrorism. Increased public-private partnerships (PPPs) and ensuring more contingent capability must also be pursued if the UK’s corporate sector is to manage the growing threat of chemical, biological, radiological and nuclear (CBRN) attacks, said Mr Carnegie-Brown. The Lloyd’s chief made his remarks at a…

Pool Re completes £2.48bn retrocession programme led by Munich Re

Pool Re completes £2.48bn retrocession programme led by Munich Re

Pool Re completes £2.48bn retrocession programme led by Munich Re

Pool Re has completed a £2.48bn three-year terrorism retrocession programme with 56 international reinsurers led by Munich Re. Hannover Re and Fidelis are also among those providing significant capacity. Reflecting insurance cover offered by Pool Re through its member insurers, the programme covers property damage arising from nuclear, biological, chemical, and radiological attacks, cyber-triggered terrorist losses and conventional terrorist acts.…

Australia renews retrocession programme for terrorism insurance scheme

Australia renews retrocession programme for terrorism insurance scheme

Australia renews retrocession programme for terrorism insurance scheme

Australia’s terrorism insurance scheme has renewed its $3.475bn retrocession reinsurance programme for the 2021 calendar year. The scheme is administered by the Australian Reinsurance Pool Corporation (ARPC), and the retrocession programme and ARPC net assets are the first layers of funding for claims in the event of a terrorism incident. The 2021 placement of $3.475bn of retrocession capacity includes approximately…

Liberty launches new German terrorism cover

Liberty launches new German terrorism cover

Liberty launches new German terrorism cover

Liberty Specialty Markets (LSM) has launched new terrorism insurance cover for SME German corporate buyers. LSM entered the German war and terrorism market in 2018 and has since used standard London market cover for German risks. The new policy is, however, specifically tailored for the German SME sector and compares with standard terrorism cover in the market, known as Allgemeine…

Covid-19 changes terrorism risk, says thinktank in latest index

Covid-19 changes terrorism risk, says thinktank in latest index

Covid-19 changes terrorism risk, says thinktank in latest index

Far-right terrorism has increased 250% in the past five years in Europe and North America, according to thinktank the Institute for Economics and Peace (IEP), which warned that the economic downturn from Covid-19 could lay the foundations for further political instability and violence. Since the start of the pandemic, terrorist incidents and deaths have declined across most of the world,…

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

CEO Julian Enoizi believes it makes sense for Pool Re to expand its remit and be the vehicle for any state-backed pandemic or wider systemic risk financing solution in the UK, but stressed the decision is ultimately for government and the insurance industry to make. There are currently several initiatives underway in the UK to find a risk transfer solution…

Airmic taking part in Pool Re review

Airmic taking part in Pool Re review

Airmic taking part in Pool Re review

Airmic has told Commercial Risk Europe it will be representing buyer interests during the government review of terrorism backstop and mutual reinsurer Pool Re. A consultation document for the recently announced review is due in late 2020. The review, conducted every five years, will cover the most recent changes implemented by the reinsurer. This includes cover for terrorism non-damage business…

Hannover Re warns of sharp rate increases in 2021

Hannover Re warns of sharp rate increases in 2021

Hannover Re warns of sharp rate increases in 2021

Hannover Re expects widespread price rises in both reinsurance and insurance markets in 2020 as the industry reacts to the coronavirus outbreak, an event it puts on a par with the World Trade Center attacks on 11 September 2001. On Monday, Hannover Re said it expects to see “significant price increases” spanning various lines of property and casualty reinsurance in…

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