Reinsurance News
Terrorism reinsurance
Terrorism reinsurance news and analysis can be found below.
Reinsurance for terrorism risks provides insurers with a backstop for potentially catastrophic and difficult-to-predict losses from terrorist attacks.
Due to the fact the private reinsurance market is often capacity constrained to cover such enormous, concentrated and potentially volatile terrorism risks, governments in many countries (including the UK, US, and Australia) have established public-private terror reinsurance risk pools to ensure terrorism insurance cover remains available to businesses.
ARPC renews $3.475bn retro reinsurance program for 2021
22nd February 2021
The Australian Reinsurance Pool Corporation (ARPC), Australia's terrorism insurance scheme, has announced the renewal of its retrocession reinsurance program for 2021, which includes the purchase of an additional $25 million layer at the bottom of the program. The renewal of the $3.475 billion retro reinsurance program, combined with ARPC's net assets ... Read the full article
Pen Underwriting launches terrorism cover for UK businesses
3rd February 2021
Pen Underwriting has launched a new standalone terrorism coverage for UK businesses and property owners. The terrorism product has been designed to be e-traded via Acturis or the Pen Portal with minimum referral triggers, although it can also be underwritten in a conventional manner. Extensions such as emergency accommodation costs and brand ... Read the full article
Liberty (LSM) launches terrorism coverage for SME sector in Germany
20th January 2021
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced the launch of a new terrorism insurance coverage designed specifically for the SME sector in Germany. LSM entered the marketplace in 2018 as part of its strategy to extend its reach in Europe, and since then, business written ... Read the full article
Pool Re issues strategy paper coinciding with government review
1st October 2020
Pool Re, the UK's government-backed terrorism reinsurer, has released a forward-looking strategy paper that coincides with the government's latest five year review. The review aims to ensure the good functioning of the UK’s terrorism re/insurance market, proper protection of public interests, and Pool Re’s proposed strategic direction for the next ... Read the full article
UK Treasury launches review into Pool Re
3rd September 2020
The UK Treasury has announced the launch of its latest five-year review of Pool Re, the country’s government-backed terrorism reinsurer. The review will aim to ensure the good functioning of the UK’s terrorism re/insurance market, proper protection of public interests, and Pool Re’s proposed strategic direction for the next five years. It ... Read the full article
Pool Re classified by Office for National Statistics
28th February 2020
UK government-backed terrorism reinsurer Pool Re has announced that the Office for National Statistics (ONS) has completed a classification assessment of the mutual. The ONS has independently judged that Pool Re should be classified to the central government subsector. Pool Re noted that the classification is only a statistical matter and will ... Read the full article
Tokio Marine Kiln recruits Special Risks underwriter from Barbican
12th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the appointment of Charlotte Pritchard as an underwriter within its Special Risks team. Pritchard joins the company from Barbican Insurance Group, where she has worked since 2017 as an underwriter specialising in malicious acts including terrorism and political violence. She ... Read the full article
ARPC extends top layer of retro reinsurance program for 2020
7th February 2020
The Australian Reinsurance Pool Corporation (ARPC), the Australian government's terrorism reinsurance agency, has announced that it has secured a larger retrocession reinsurance program for the 2020 calendar year. The ARPC has secured AUD 3.45 billion (USD 2.33 billion) of retrocession reinsurance protection at a reduced rate for 2020, up on ... Read the full article
Chubb targets non physical damage BI with new terrorism solution
3rd February 2020
Insurer and reinsurer Chubb has launched a new Non Damage Terrorism Solutions policy offering designed to bridge gaps in traditional terrorism business interruption policies. The new product is a single policy offering protection against non damage business interruption, plus employee and customer care assistance as a result of a terrorism loss. Chubb ... Read the full article
Pool Re Solutions appoints Head of Risk Management
20th January 2020
UK government-backed terrorism reinsurer, Pool Re, has announced the appointment of Chris Medhurst-Cocksworth as Head of Risk Management within Pool Re Solutions. In his new role, Medhurst-Cocksworth will be tasked with leading the risk management services offered by Pool Re Solutions, a recently established specialist unit designed to help UK insurers ... Read the full article
Pool Re targets SMEs with cover changes
6th January 2020
UK government-backed terrorism reinsurer Pool Re is introducing a series of changes aimed at improving the accessibility of terrorism insurance for businesses in the UK. The reinsurer has expanded its definition of an SME to include firms with assets of up to £5 million, more than double the previous figure of ... Read the full article
LMA warns of “continued uncertainty” for US terrorism act renewal
2nd December 2019
The Lloyd’s Market Association (LMA) has published a letter to its members warning of “continued uncertainty” around the US Terrorism Risk Insurance Act (TRIA), which is currently set to expire in December 2020. The LMA said it was confident that the renewal will be achieved in good time in advance of ... Read the full article
Fidelis recruits Kayley Stewart as Terror and Political Violence underwriter
25th November 2019
Fidelis Insurance, the privately owned Bermuda-based holding company, has added Kayley Stewart to its Fidelis Underwriting Limited (FUL) London underwriting team as part of a push to build out its Terrorism and Political Violence account. Stewart arrives at Fidelis from Liberty, where she most recently served as a senior underwriter. She has ... Read the full article
US House approves long-term TRIPRA extension
20th November 2019
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is set to go before the U.S. Senate after legislation extending the bill for seven years easily passed through the U.S. House of Representatives. The bill, which was initially passed in 2002 in the aftermath of the September 11 attacks, received strong bipartisan ... Read the full article
IFTRIP highlights divergent views on cyber terrorism across commercial market
11th November 2019
Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article
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