Just as the Government is gearing up for its five-year review of terrorism reinsurer Pool Re, it has launched its forward-thinking strategy paper entitled Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience.
The paper looks at how Pool Re has developed since its last review in 2014 and also looks forward over the next five years, outlining a clear ambition to create an organisation suitable for the 21st Century with proposed reforms to the scheme’s operating model and scope. Chief executive officer Julian Enoizi noted that the aim is to get the right balance of risk share between the taxpayer and the commercial market – and distance the taxpayer from potential loss.
“Nearly three decades on from the founding of Pool Re, our industry continues to rise to meet the challenges of the evolving terrorism threat,” said Enoizi. “That we do so is premised more strongly than ever on the principles of collective ownership, and combined endeavour. That is why we have launched this paper ahead of the Treasury’s call for evidence later this autumn, as it is vital for the insurance industry to contribute to the review and to collaboratively influence the future direction of Pool Re.”
It was also noted that Pool Re Solutions was launched last year – it provides analysis and advice to members and policyholders around terrorism risk awareness, as well as risk management and risk modelling.
