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Pool Reinsurance Co. Ltd. is launching a vulnerability self-assessment tool that will enable member insurers to offer a 5% premium discount to insureds that implement proven and effective risk mitigation measures.
In 2017, there were five terrorist attacks that caused 36 deaths and more than 300 injuries in the United Kingdom and more are expected in 2018, the U.K. government-backed terrorism reinsurance backstop said in a report published Feb. 5.
Pool Re has recently taken steps to close the cyber gap with the inclusion in its cover of physical acts of destruction caused by a cyber trigger into the scheme beginning on April 1.
The vulnerability self-assessment tool is aimed at medium-size and large businesses and will be available for risks beginning April 1, according to the statement. The tool was co-developed with London-based security and risk management firm ARL Partners and is available to all Pool Re member insurers. It builds on Pool Re’s work and collaboration with the National Counter Terrorism Security Office’s Crowded Places program, which offers discounts for risks covered by the program.
“Raising awareness of terrorism risk, as well as promoting and incentivizing the adoption of proven risk mitigation measures, are core to Pool Re’s strategy,” Steve Coates, chief underwriting officer at Pool Re, said in the statement. The tool “has been built to deal with contemporary terrorism threats and provide a framework for policyholders to benchmark their approach to terrorism risk management. It also aims to improve their approach where necessary and in doing so provide a discount on their premium.”
Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, will extend its cover to include material damage and direct business interruption caused by acts of terrorism using a cyber trigger, starting in April 2018.