Pool Re, the UK’s largest terrorism reinsurer, has launched TERRA (Terrorism Risk and Resilience Assessment), designed to help policyholders assess and manage terrorism risks in their property portfolios.
Pool Re said TERRA combines police and NSA security guidance with the company’s assessment of UK terrorist intentions and capabilities to provide businesses with tailored insights.
Tom Clementi, chief executive of Pool Re, said: “The threat of terrorism in the UK has been on the rise for an extended period of time, making it even more important that policyholders have a clear understanding of the risks they currently face.”
He added: “Pool Re’s TERRA is designed to give businesses and insurers greater confidence in the resilience measures being implemented, while supporting a smarter approach to risk management across the market.
“We believe the platform will raise the bar for resilience and raise awareness of effective risk management in underwriting discussions.”
Pool Re explains that TERRA prioritizes self-assessed sites in policyholders’ portfolios based on terrorism threats, evaluates each site’s alignment with best practice mitigation guidelines, and then gives an overall rating upon completion.
Web links to best practice sources are also provided, along with recommendations for effective risk management.
The company added: “The level of consistency shown in assessing a property is demonstrated through a downloadable package at the end of the assessment process, which can then be submitted to insurers, providing a clearer understanding of policyholders’ resilience to terrorism, supporting constructive and more informed conversations when underwriting policies.”
Back in April, Pool Re launched a new incentive program for its members, offering discounts on reinsurance costs when they bring terrorism cover back as standard on their SME property policies.
CEO Clementi told us in a later interview that the initiative has the potential not only to increase the resilience of SMEs, but also to improve economic security and significantly increase the uptake of terrorism insurance across the UK.
