Liberty launches new terrorism insurance coverage in Germany
LSM entered the German war and terrorism market in 2018 as part of its strategy to extend its reach in Europe.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has launched new terrorism insurance coverage in the German market. It is developed specifically for the country's SME sector.
LSM entered the German war and terrorism market in 2018 as part of its strategy to extend its reach in Europe.
Its German book of war and terrorism business is split between multi-nationals with worldwide exposure and domestic SME business. Uptil now, business written used the standard London Market cover.
LSM claims the new coverage is comparable to Allgemeine Terror Bedingungen (ATB), the standard terrorism cover in the German market. Additionally, it offers a range of optional covers, including non-damage business interruption and a strikes, riots and civil commotion clause (SRCC).
Corinna Walter, terrorism underwriter at LSM, said: “We have been successful in building a portfolio of middle market Terrorism insurance business in Germany. We saw the value in having a contract easily comparable to those of our peers as well as the state guarantee. Contract certainty for our clients is a priority for LSM, this has been a key initiative for us to introduce.
“As witnessed recently in Austria, the ‘lone wolf’ style nature of attacks are becoming less sophisticated. As a result of the changing risk landscape, we have reviewed our offer to provide our clients with additional protection. Our new definition of terrorism is broader, as events do not need to be certified as terrorism by the German state in order to make a valid claim.”
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