15 May 2015 Insurance

Pool Re launches incentive for working with terrorism initiative

Pool Re, the UK state-backed terrorism pool, and the National Counter Terrorism Security Office (NaCTSO) have launched an initiative which will allow for a Loss Mitigation Credit (LMC), providing a reduction in premium, to be considered by Pool Re Members for site owners and operators engaging with NaCTSO through the Crowded Places Programme.

The Office for Security and Counter Terrorism Crowded Places Programme, managed by NaCTSO, promotes broader consideration of terrorist attack methodologies and outlines a wide range of risk management options.

The Protective Security Improvement Activity (PSIA) is the service delivery mechanism of the Crowded Places Programme and provides a nationally consistent, proportionate and auditable approach to terrorism risk management.

Paul Howell, a senior Counter Terrorism Specialist, NaCTSO, said: “Following the adoption of the PSIA in 2014, considerable progress has been made in engaging crowded place site owners and operators by Counter Terrorism Security Advisers, and the progression of protective security and preparedness improvement activities.”

The joint initiative between Pool Re and the NaCTSO, which will be formally launched and open for application in October 2015, will be available to site owners and operators engaging with the Crowded Places Programme. To be considered for an LMC which may lead to a potential premium reduction of 2.5 percent, insureds must show they are implementing an action plan under the Programme.

Julian Enoizi, chief executive of Pool Re, said: “The LMC will act as a clear, tangible incentive for insureds to engage with the Crowded Places Programme and implement proven risk management procedures and initiatives, consistent with the PSIA, which will improve their resilience to a terrorist attack. I am very pleased to announce the development of this initiative in collaboration with NaCTSO which is a key pillar in our ongoing efforts to enhance and evolve Pool Re’s proposition.”

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