Article

Pool Re broadens its reach

May 11, 2018
| United Kingdom

Pool Re, the U.K. Government backed provider of terrorism reinsurance, provides property damage and business interruption terrorism reinsurance for its insurer members [‘insurers’]. With the last significant update in 2015, Pool Re has made some further changes to the Scheme for its insurers effective for risks renewing or incepting on or after 1 April, 2018.

The Key Changes

  • The Risk Management Discount has been increased to 5% with a new Vulnerability Self-Assessment Tool (VSAT) available to determine if individual insurance buyers qualify.
  • Further discount revisions include:
    • Infrastructure Risks and Housing and Flats discount decreased.
    • However, Infrastructure Construction Risks to receive a new 25% discount.
    • SME 40% discount removed but business interruption
    • values to no longer be rated on.
    • Large risks to receive new or simplified discounts for large deductibles and Flexible Loss Limits.
  • The U.K. Government has announced its intention to expand Pool Re to include non-damage triggered business interruption coverage in the future.
  • New coverage for Remote Digital Interference (RDI) to be included to cover direct physical damage and resultant business interruption following a terrorist act involving “cyber attacks”.

For more information, please download the full article.