London Bridge terror attack costs businesses nearly $3 million: Official

Posted On: Dec. 7, 2017 4:36 AM CST

Neil Coyle, member of U.K.'s lower house of parliament, said that the London Bridge terror attack in June cost businesses nearly £2 million ($2.7 million), Irish Examiner reported. Mr. Coyle said that the current system for paying out after terror attacks, U.K.-based Pool Reinsurance Co. Ltd., was established in 1993 and was now "outdated." Meanwhile, Stephen Barclay, U.K.'s treasury minister, said that Pool Re has a gap in its coverage and some businesses may not be insured for a loss of income due to a terrorist attack where there is no physical damage.