21 January 2015 News

Rethink of Pool Re unlikely to be required

Pool Re, the mutual reinsurer that provides terrorism cover for commercial property in the UK, has said that it is unlikely to rethink its coverage in the aftermath of the Charlie Hebdo killings in Paris.

Julian Enoizi, chief executive of Pool Re, said: “Business interruption (BI) insurance is a dynamic market and to reflect the evolving terrorist threat, BI cover where there is no property damage is currently available to insureds across the UK through the insurance market.

“However the scope of Pool Re cover is designed to address those areas where the market is unable to fulfil the needs of the market, and most BI losses flowing from interruptions of a few days would not seem to require the intervention of a market pool.”

Currently, Pool Re offers BI cover only in cases where there is also damage to property. However, Enoizi added that Pool Re is constantly reviewing the scope of the reinsurance protection it offers to ensure that it continues to fulfil its function and provides the required coverage to support the UK terrorism insurance market.

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