UK’s Pool Re Launches Terrorism Risk Assessment Tool to Help Insureds Cut Premiums
Pool Re, the terrorist reinsurer of the United Kingdom, announced the launch of the vulnerability self-assessment tool (VSAT).
Aimed at medium and large companies, this tool will allow insurers that are members of Pool Re to offer a premium discount of 5 percent to policyholders who “implement mitigation measures for proven and effective risks,” Pool Re said in a statement.
VSAT has been accredited by “Secure by Design”, the police security approval kitemark. It will be available for risks that expire as of April 1.
The tool was developed jointly with ARL Partners and is available to all member insurers of Pool Re. It is based on the work of Pool Re and the collaboration with the “Crowded Places” program of the National Counter-Terrorism Office, which offers discounts for the risks covered by the program.
“Creating awareness about the risk of terrorism, as well as promoting and encouraging the adoption of proven risk mitigation measures, are fundamental to Pool Re’s strategy,” said Steve Coates, subscription director of Pool Re, and pointed out that VSAT is the last example of this.
“It has been created to address contemporary threats of terrorism and provide a framework for insureds to compare their approach to terrorism risk management.” It also aims to improve their focus when necessary and, in doing so, offer a discount on their premium, “he added.
Richard Thompson, managing partner of ARL Partners, said: “We believe that VSAT will provide a better understanding of the best way to reduce the potential risks and vulnerabilities of terrorism, thereby helping to protect people and increase resilience in the UK economy. ”
About Pool Re
Pool Re was created in 1993 by the insurance industry in cooperation with the government of the United Kingdom in the wake of the bombing campaign of the Army of the Republic of Ireland (IRA) on the mainland of the United Kingdom. Pool Re is a mutual reinsurer whose members comprise the vast majority of insurers and Lloyd’s syndicates that offer commercial property insurance in Great Britain. The membership offers a guarantee that guarantees can be provided for losses resulting from acts of terrorism, regardless of the scale of the claims.