The threat of terrorism is constantly evolving. Now regarded as a foreseeable risk, terrorist attacks can result in human casualties, property damage, business interruption, legal liability issues and long-term damage to brands and reputations. Organisations also need to ensure corporate governance and duty of care responsibilities are integral to their crisis management strategy.
Pool Re has been the insurance industry’s mutual for reinsuring terrorism risk in Great Britain since 1993. In recent years, Pool Re has pursued a strategy emphasising the sustainable transfer of risk from the public to the private sector. The greater involvement of the private sector is crucial for growing capacity and responding to a dynamic risk as it evolves.
This Airmic LIVE session is being held in conjunction with the launch of a guide on terrorism risk insurance jointly produced by Airmic, Aon and Pool Re.
After this session, you will be able to:
- Recognise the scope of the definition of terrorism on a policy
- Identifying what else your organisation could be exposed to from a terrorist event, besides physical losses – e.g. non-damage business interruption
- Understand the potential short- and long-term impacts of different types of terrorist events on your organisation, so as to define what type of coverages might be needed.
Panellists:
Steve Coates, Chief Underwriting Officer, Pool Re
Scott Bolton, Director, Crisis Management, Aon
Moderator:
Alex Frost, Airmic