SHUTTERSTOCK / ERIC ISSELEE
UK terrorism pool Pool Re aims to influence behavioural change by rewarding commercial building owners with insurance credit reductions in exchange for increased security measures. Julian Enoizi, CEO, Pool Re, talks to Intelligent Insurer.
As terrorism risk in all its guises becomes a growing problem for businesses and an increasing headache for re/insurers in terms of how to cover it, an initiative has been launched in the UK designed to incentivise businesses to invest in security and mitigation measures by rewarding them with cheaper coverage.
From October, 2015, the UK government’s Crowded Places programme will offer loss mitigation credit (LMC) to businesses and organisations that are putting in place mitigation measures and security improvements to protect public sites and venues from terrorist attacks.
It is something other countries could learn from. The initiative by Pool Re—a public-private partnership (PPP) which allows the insurance industry to write terrorism risk with the backing of government—aims to influence behavioural change by offering insurance credit reductions to participating companies.
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Pool Re, Julian Enoizi, PPP, CBRN, ILS,