Pool Re expands terrorism cover for SMEs

Terrorism reinsurer, Pool Re has expanded its definition of SME to encompass businesses with assets up to £5m – more than doubling the previous figure of £2m. This means that cedant insurers can more easily integrate cover within their automated SME offerings; making the cover more affordable and accessible.

Separately, the standard business interruption rating is reduced from 0.019% to 0.017%, in addition to a reduction in the Zone B, MD rate.

Clients using Pool Re’s Vulnerability Self-Assessment Tool will benefit from a premium discount of 7.5%, up from 5%.

Steve Coates, Pool Re CUO, explained; “Pool Re recognises that different buyers have different profiles, and we need to continuously adapt to their needs. Widening the definition of SME – who receive business interruption cover at no cost when they buy a physical damage policy – means that we can offer more affordable terrorism cover and as a result, better accessibility to a wider range of companies.”

Julian Enoizi, Pool Re CEO, commented: “These changes overall are about reducing the cost of reinsurance for our cedants, so that those savings can in turn be passed onto the ultimate customer. Pool Re exists to facilitate the effective provision of terrorism insurance and to ensure that it is widely available. These enhancements are all important developments in that process. We know that our cedants welcome these changes and we hope that they will enable more businesses across the UK to take up the vital offer of terrorism protection and to increase the overall resilience of the economy as a result.”

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