Pool Re, Britain’s leading terrorism reinsurer, has invested in a joint project with the UK National Counter-Terrorism Police HQ and the Home Office’s Joint Security & Resilience Centre, helping businesses to more proactively protect against the risk of terrorism.
In a ground-breaking collaboration between the insurance industry, the UK’s counter-terrorism infrastructure and the government, Pool Re’s investment will fund a new interactive information sharing platform where firms and local authorities can:
Improve risk awareness and risk mitigation against the persistent threat of terrorism;
Access credible insights on risk mitigation and counter-terrorism best practice;
Receive prompt messaging and authoritative advice in the event of a terrorist attack about essential actions – for example, whether they should go into lockdown and when might be safe to restart business operations;
Develop their own counter-terrorism capacity through accredited online training for personnel;
Be part of a well-resourced community of counter-terrorist police and other experts, as well as other businesses committed to improving their resilience.
Pool Re Chairman Geoff Riddell said: “As recognised in the Government’s CONTEST strategy, Pool Re and the insurance industry are uniquely placed to shape resilient behaviour, protect the UK’s economic infrastructure, and enhance national security interests by scaling the UK’s ability to tackle terrorism. We take this responsibility very seriously, and as such are delighted to be collaborating with the Home Office and Counter Terrorism Policing to deliver this critical initiative. The Platform will meet a longstanding need from the private sector for more credible, quality and timely information to be used in their protective security and resilience planning”.
Commenting on the collaboration, Minister of State for Security, Ben Wallace MP, said: “This project is one of the first of its kind – a collaboration between the police, the insurance sector, and the Government that will help to keep the country safe and secure. If we are to properly respond to the terrorist threat, we need to ensure everyone plays their part. That is why partnerships like this one are so vital and I thank Pool Re for their leadership.”
The information sharing platform was announced this morning at the Home Office’s Security and Policing Conference in Farnborough, Hampshire.
The platform will be developed and operated by counter-terrorism police and is a central part of the strategy to strengthen collaboration and information exchange between government, police and business.
The platform, aimed at helping improve business continuity and resilience in the event of a terrorist attack, will provide information on the terrorism threat which ordinarily would be classified or costly for many businesses to access. Representing an important channel for businesses who may lack the time, resources and expertise to understand the terrorist threat, this will be a critical tool.
Pool Re’s investment of £10 million in the information sharing platform is the latest in a series of ambitious initiatives in the last 12 months that will help insurers and their customers better understand the evolving terrorist peril. The innovations also include the closure of gaps in insurance cover and extensions to Pool Re’s financial reserves which protect the UK economy from terrorism. The most significant Pool Re initiatives of the last year include:
Extension of cover to include losses from terrorism caused by cyber means;
Inclusion of business interruption in Pool Re cover, even for premises which are not damaged;
The first catastrophe bond in the world to cover terrorism risk specifically;
Continued stimulation of the private market by giving a £2.3 billion terrorism retrocession placement, which constitutes the largest terrorism risk placement ever.