Pool Re creates specialist unit to help insurers tackle terrorism risk

Government-backed terrorism reinsurer Pool Re has announced the creation of a specialist unit to support member insurers and their policyholders by sharing its knowledge and partnerships built up over 25 years of reinsuring terrorism risk.

Called Pool Re Solutions, the new unit is made up of three teams which will cover their own risk specialisms. The Risk Awareness team will provide analysis, intelligence and expertise on all aspects of the terrorism threat, using a broad range of data from sources such as the Global Terrorism Database.

The Risk Modelling team will advance its work in developing sophisticated terrorism modelling tools and techniques that can underpin better pricing and greater deployment of capacity into terrorism (re)insurance.

The Risk Management team, a key facilitator of terrorism risk management information and techniques, will link government agencies, academia, risk professionals and the insurance industry to ensure knowledge and best practice is widely recognised and shared.

Julian Enoizi, Pool Re’s CEO, said: “We have been working hard since 2015 on two strategic priorities. First, to increase the resilience of the UK economy to acts of terrorism. Second, to grow the industry’s understanding of terrorism risk, and consequently its ability to price, manage and package an important aspect of the country’s exposure. I believe Pool Re Solutions will represent a turning point in our industry’s relationship with terrorism risk and allow these two aims to truly converge. Ultimately, the more policies that are bought, the stronger the resilience of the economy to acts of terrorism, and the more the insurance industry is able to grow and innovate.

“As the terrorism threat continues to change and become more complex, there has emerged a corresponding need for Pool Re to support its members with an equally dynamic set of underwriting tools, technical services, training, and insight, to support the traditional provision of reinsurance cover.”

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