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Pool Reinsurance Co. Ltd., Britain’s terrorism risk reinsurer, has put £10 million ($13.15 million) into an information-sharing platform in a joint project with the UK National Counter-Terrorism Police HQ and the Home Office’s Joint Security & Resilience Centre, Pool said in a statement Wednesday.
The collaboration among the insurance industry, the UK’s counterterrorism infrastructure and the government will fund a new interactive information-sharing platform where firms and local authorities can access information and get direction, the statement said.
Users will be able to improve risk awareness and risk mitigation against the persistent threat of terrorism, access credible insights on risk mitigation and counterterrorism best practices, and receive prompt messaging and authoritative advice in the event of a terrorist attack on, for example, whether they should go into lockdown and when it might be safe to restart business operations, the statement said.
Users will also be able to develop their own counterterrorism capacity through accredited online training for personnel and be part of a well-resourced community of counterterrorist police and other experts, as well as other businesses committed to improving their resilience, the statement added.
“The Platform will meet a longstanding need from the private sector for more credible, quality and timely information to be used in their protective security and resilience planning,” Pool Re Chairman Geoff Riddell said in the statement.
The platform will be developed and operated by counterterrorism police and “is a central part of the strategy to strengthen collaboration and information exchange between government, police and business,” the statement said.
It will be aimed at helping improve business continuity and resilience in the event of a terrorist attack and will provide information on terrorism threats that might ordinarily be classified or costly for many businesses to access, the statement said.
“This project is one of the first of its kind — a collaboration between the police, the insurance sector, and the Government that will help to keep the country safe and secure,” Minister of State for Security Ben Wallace MP said in the statement. “If we are to properly respond to the terrorist threat, we need to ensure everyone plays their part. That is why partnerships like this one are so vital and I thank Pool Re for their leadership.”
“Since the tragic events of 2017, Counter Terrorism Policing has been working alongside government and the private sector to strengthen our defences against terrorism through greater collaboration and information sharing,” Deputy Assistant Commissioner Lucy D’Orsi, the national policing lead for protective security, added in the statement. “That is why this ground-breaking new platform is so important, as it will allow businesses to access credible information 24/7, connect users to experts, provide accredited online training and send direct messages in the event of an attack — strengthening our frontline against the unprecedented threat.”
Pool Re also recently completed the placement of its first catastrophe bond.
Citing ample capacity in existing markets, Pool Re said it would cease writing terrorism contingency cover previously offered to its members, beginning after the first quarter.