Pool Re launches terrorism-focused Solutions unit
Pool Re, Britain’s government-backed terrorism reinsurer, has launched Pool Re Solutions, a specialist unit created to support its member insurers and their policyholders by sharing the understanding and partnerships it has established over 25 years of reinsuring terrorism risk.
The new in-house centre of excellence has been developed to streamline and amplify its emphasis since 2015 on risk awareness, risk modelling and risk management.
Pool Re Solutions is comprised of three core pillars: the risk awareness team will continue to provide analysis, intelligence and expertise on all aspects of the terrorism threat, using a broad range of data from sources such as the Global Terrorism Database - the most comprehensive public record of terrorist attacks available.
The risk modelling team will advance their work in developing sophisticated terrorism modelling tools and techniques that can underpin better pricing and greater deployment of capacity into terrorism re/insurance.
The risk management team, a key facilitator of terrorism risk management information and techniques, will link government agencies, academia, risk professionals and the insurance industry to ensure knowledge and best practice is widely recognised and shared.
Julian Enoizi, Pool Re CEO, commented: “Pool Re has been working hard since 2015 on two strategic priorities. First, to increase the resilience of the UK economy to acts of terrorism. Second, to grow the industry’s understanding of terrorism risk, and consequently its ability to price, manage and package an important aspect of the country’s exposure. I believe Pool Re Solutions will represent a turning point in our industry’s relationship with terrorism risk and allow these two aims to truly converge. Ultimately, the more policies that are bought, the stronger the resilience of the economy to acts of terrorism, and the more the insurance industry is able to grow and innovate.”
He added that as the terrorism threat continues to change and become more complex, a corresponding need has emerged for Pool Re to support its members with an equally dynamic set of underwriting tools, technical services, training, and insight, to support the traditional provision of reinsurance cover.
“I am confident that Solutions will allow us to meaningfully address the information and demand gaps currently presenting challenges such as underinsurance in the SME sector, and enable Pool Re to continue to bridge and harness the best from both of their public and private partners,” he said.
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