Pool Re has today launched a market consultation to explore the reintegration of terrorism cover as a standard feature within commercial property insurance for SMEs.
Running until the end of April 2025, the consultation will collect feedback from Pool Re’s members, re/insurance intermediaries, policyholders, industry bodies and the wider insurance market.
The consultation will seek views on how best to address the protection gap, and potentially significant impact on economic resilience, caused by the low uptake of terrorism insurance by SMEs.
Tom Clementi, Pool Re’s CEO, commented: “Only 4% of SMEs in the UK currently have terrorism insurance cover and many more than that will likely think they have cover. We are seeking to reduce these significant protection and expectation gaps and thereby bolster the resilience of the UK economy, by offering our members a more attractive pricing proposition in respect of their SME portfolios.”
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