Vancouver, BC (Nov. 15, 2018) – The Terrorism Threat & Mitigation Report provides an overview of significant acts of terrorism during the year as well as identifying key trends and themes that we believe are relevant to the terrorism (re)insurance market.
Our methodology is based on the TRAC Terrorism Database, analysis of the wide range of publicly available open source material, and collaboration with subject matter experts.
Pool Re, through TRAC, has now compiled its own data set of terrorist attacks worldwide since 2014, when Daesh announced the establishment of the so-called Caliphate. In this edition, we also analyse the frequency and severity of global terrorism over this period.
We hope that this qualitative and quantitative analysis of terrorist incidents, trends and themes will be helpful for our Members and other stakeholders as they seek a greater understanding on the frequency and severity of terrorist events and how the evolving threat impacts on their particular area of activity. Pool Re will be utilising the data derived from the TRAC Database and other sources in our actuarial and modelling processes.
In this edition, we have focused on key terrorism events and trends in 2018.
View the online TRAC report: Terrorism Threat & Mitigation Report 2018.
About Pool Re
Pool Re was established in 1993 as a response to the market failure that was triggered by the bombing of the Baltic Exchange. The costs of the Provisional IRA’s mainland bombing campaign in the 1990s led to reinsurers withdrawing cover for terrorism-related damage, with insurers compelled to follow suit. Pool Re was founded by the insurance industry in cooperation with, and backed by funding from Her Majesty’s Treasury, to form a private sector solution to a public policy objective.
Since its foundation, Pool Re has provided effective protection for the UK economy and currently underwrites over £2 trillion of exposure in commercial property to terrorism risk across the UK mainland. To date, Pool Re has paid out claims of more than £600 million at no cost to the UK taxpayer. The largest claim resulted from the 1993 Bishopsgate bombing in the City of London – then £262 million. The exposures in the same area today would be significantly in excess of that figure. For more information, visit www.poolre.co.uk.
SOURCE: Pool ReTags: Pool Re, terrorism