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Pool Re Congress leads to international collaboration

By Pool Re,

March 1, 2016
It is no surprise that domestic and international efforts to deal with terrorism focus so squarely on prevention – whether we have the right military strategy, police resources, and de-radicalisation programmes to protect our citizens from harm. Rather less attention is given to how we might mitigate the impact of any successful attack. After all, terrorists seek not only to take lives but to cause maximum economic disruption and chaos too. How do we ensure our resilience in the face of any onslaught?

The inaugural National Terrorism Reinsurance Pools Congress, initiated by Pool Re in London in October, played a crucial role in answering that vital question. By bringing together experts in the insurance and security industries, it provided a timely opportunity to recount experiences, discuss strategy and collaborate over ideas on how we might evolve to meet the changing nature of the terrorist threat.

As we all know, ensuring that we are economically resilient against terror attack relies on our providing the right insurance cover, something which in turn relies on accurately predicting the probability and severity of future losses. Nonetheless, single events can turn insurers’ assumptions on their head in a flash.

It was the IRA bombing of the Baltic Exchange in my constituency in 1992, for example, that led to the creation of Pool Re itself. To deal with the unprecedented scale of damage and the withdrawal of insurers from the marketplace, a partnership was built between the UK Treasury and Britain’s insurers which made government insurer of last resort.

Following the 9/11 attacks, its coverage was extended to include incidents of chemical, biological, radiological, and nuclear terrorism risks.

Now we face new threats in the form of cyber-attack and coordinated shootings and bombings by groups of terrorists or lone wolves. We must turn our minds to how we can protect businesses in such circumstances, and it is right that the insurance industry of today discusses the potential to cover losses that fall outside pools’ original mandates, and embraces ways to cope with the emergence of tomorrow’s threats.

The Congress provided a terrific forum to discuss the innovations and initiatives adopted in a variety of countries, to discover how we can learn together, and to advance the implementation of shared strategies.

It has been my pleasure to work alongside Pool Re to bring about this important event, and to gather so many industry experts from across the world to discuss these critical topics. In convening terrorism reinsurance pool leaders from across the globe, we signify our united approach and continued dedication to improving the resilience of our nations and our economies.

Ultimately, sharing solutions will help to ensure that the global economy remains robust in the face of attacks whose sole aim is to create instability and havoc.

Mark Field is MP for Cities of London and Westminster, Vice-Chairman (International) of the Conservative Party and was a Member of the Intelligence and Security Committee from 2010 to 2015.

Take a look back at our Congress page.

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Archive

  • 2019
    • February
      • Firms better protected against terrorism: Royal Assent for bill allowing Pool Re to cover non-damage business interruption
    • January
      • Pool Re returns contingency cover against terrorist acts to the commercial reinsurance market
      • The Terrorism Pool Index
  • 2018
    • November
      • Christopher Andrew’s The Secret World: A History of Intelligence wins the Airey Neave Book Prize
      • Pool Re publishes its fourth Terrorism Threat & Mitigation Report and gives details of proposed cover for Non-Damage Business Interruption
      • Terrorism Threat and Mitigation Report 2018
    • October
      • Pool Re gives details of its latest drive to encourage businesses to proactively mitigate the risk of terrorism
      • Announcing the 2018 Pool Re sponsored Airey Neave book prize short list
    • August
      • The threat from near, not afar
    • July
      • Terrorism Frequency Report 3/2018
    • June
      • Between State and Market: Protection Gap Entities and Catastrophic Risk report
      • Pool Re AGM speech 14.06.18
    • April
      • Terrorism Frequency Report 2/2018
    • March
      • Pool Re hails Government action to close the terrorism insurance gap
      • Pool Re renews retrocession programme which extends cover to include cyber terrorism
    • February
      • Pool Re is delighted to once again sponsor the annual Airey Neave Book Prize
      • Terrorism Frequency Report 1/2018
  • 2017
    • December
      • Pool Re Insight Issue 6
      • Pool Re partners with Cranfield University to appoint a Professor of Terrorism Risk Management and Resilience
    • November
      • Pool Re to extend cover to include physical damage from cyber terrorism from April 2018
      • Ali Soufan wins inaugural Airey Neave Book Prize
      • Cyber terrorism - Steve Coates discusses changes to Pool Re cover
      • Airey Neave Memorial Book Prize Interview
      • Pool Re wins Lord Mayor’s City Giving Day Award for the Best Collaboration
    • October
      • Lord Mayor’s Giving Day Scavenger Hunt 2017
      • The Airey Neave Memorial Book Prize 2017 Sponsored by Pool Reinsurance LTD
    • September
      • Supporting CONTEST
      • Terrorism Threat & Mitigation Report January – July 2017
      • Intelligence-led risk mitigation: Q&A with Ed Butler, Head of Risk Analysis at Pool Re
    • August
      • Airey Neave Book Prize Long List
    • July
      • The Changing Face of Terrorism: How the Government should respond
    • June
      • Julian Enoizi, CEO Pool Re, speaks ahead of the inaugural IFTRIP conference in Paris
      • What Pool Re will be doing to support the Lord Mayor's City Giving Day
      • Julian Enoizi’s views of Pool Re over the last 12 months and the future of terrorism reinsurance
      • Post Incident Report: Three Attacks in Three Months – Westminster, Manchester and London Bridge
      • Recent events in London
    • May
      • CPNI’s Passport to Good Security provides template for effective risk management
      • Post Incident Report: Westminster Attack
    • April
      • Highlighting the threat of radiological terrorism
      • Pool Re and the Nuclear Threat Initiative Highlight Radiological Material Security Efforts
    • March
      • Pool Re strengthens risk analysis and research capability with appointment of Andrew Donaldson
      • Pool Re announces sponsorship of the inaugural Airey Neave Memorial Book Prize
      • Pool Re renews reinsurance programme, increases limit to £2bln
    • February
      • Terrorism Threat & Mitigation Report Launch Event
      • Terrorism Threat and Mitigation Report 1-17
    • January
      • World Economic Forum Global Risks Report Five factors affecting geopolitical risks
      • 2017 outlook by Julian Enoizi
      • Austrian terrorism reinsurance programme signs IFTRIP Charter
      • Pool Re appoints Helen Moore as Head of Communications
  • 2016
    • December
      • Ankara and Berlin: what happens next?
      • Do the arrests in Derby confirm the Head of MI6’s warning about unprecedented threats to the UK?
      • ILS, PPP, and the uninsurable
    • November
      • Pool Re wins prize for company of the year at the 2016 Insurance Day London Market Awards
      • Stephen Burr joins Pool Re as Head of Actuarial Services
      • Collaborating for strength
    • October
      • International Forum of Terrorism Risk (Re)Insurance Pools launched today
      • Pool Re - Working towards addressing the UK’s resilience challenges
    • September
      • Pool Re’s Fringe Session at the Conservative Party Conference 2016
      • Quarterly Threat Report - August 2016
      • Why Terrorism (Re)insurance Pools need to collaborate
    • August
      • ARPC reveals program for 2016 Global Terrorism Risk Insurance Congress
    • July
      • Julian Enoizi discusses 3 key issues for the terrorism insurance market
      • 2016 Pool Re AGM: CEO Statement
      • Emerging Risk Report
    • June
      • Pool Re’s New Terrorism Research and Analysis Capability
      • Steve Coates to speak at Global Terrorism Risk Insurance Congress
      • Pool Re AGM 2016
      • 20 years since the Manchester bombing - a modern risk
      • Julian Enoizi provides an overview of insurance trends at Thomson Reuters Practical Law Conference
      • Pool Re announces new terrorism risk model in partnership with Cranfield University & Guy Carpenter at AIRMIC 2016
    • May
      • Pool Re shortlisted for the 2016 Lord Mayor’s Dragon Awards
      • Why terrorism is a dynamic risk
      • Dissident republicanism is a recurring threat.
        By Ed Butler, Head of Risk Analysis.
    • April
      • Cyber terrorism threat must be addressed: Julian Enoizi
      • Steve Coates to present ‘Terrorism – a dynamic risk’ at BIBA 2016
      • Pool Re looks forward to AIRMIC 2016
      • MP Mark Field suggests Pool Re broadens scope to cover cyber threat
      • Pool Re shortlisted for the 2016 British Insurance Awards
      • Tony Latham's retiring thoughts
      • Pool Re welcomes Geoff Riddell as Non-Executive Chairman
      • NTI releases radiological terrorism report
      • Should Britain be worried about ISIL detonating a 'dirty bomb'?
      • Julian Enoizi at the 2016 Nuclear Security Summit
    • March
      • The implications of Brussels: How should the insurance market respond to the evolving threat posed by Daesh?
      • Julian Enoizi comments on increasing demand for specialist insurance following Western country attacks
      • Steve Coates at Luton & St Albans Insurance Institute’s Terrorism – a Modern risk
      • Pool Re and NaCTSO win Innovative Product Award at the Commercial Insurance Awards
      • Pool Re increases reinsurance programme to £1.95bn of cover
      • Pool Re Congress leads to international collaboration
    • February
      • Pool Re shortlisted for CII Public Interest Award
      • Ed Butler CBE DSO joins Pool Re to launch risk analysis and research capability
      • Improving our resilience
      • Julian Enoizi discusses innovation in Terrorism Risk at “Young Market Minds”
      • Terrorism remains one of the UK's biggest risks
    • January
      • Julian Enoizi talks to Insurance Day about building defences against terrorism
  • 2015
    • December
      • Stay Safe in the event of a firearms attack with this NCTP/NPCC video
      • Businesses should prepare and mitigate for all types of terrorism
      • Insurance Day's Transaction of the Year award goes to Pool Re & Guy Carpenter
      • Mark Field warns UK to better insure itself against cyber-terrorism threat
    • November
      • Economic mitigation and terrorism reinsurance is crucial following the Paris attacks
      • Gareat pool to help struggling Parisian businesses
      • Pool Re reassures Post with positive news for UK resilience in light of Paris attacks
      • CBRN Threat Assessment: Iraq, Syria & Europe
      • Global Economic Cost of Terrorism Highest Since 9/11 at $52.9 billion
      • Chemical or nuclear terrorism covered by Pool Re
      • Terrorism reinsurance after the Paris attacks
      • Global Terrorism Index launched by Institute for Economics and Peace
      • Events in Paris – Pool Re comment
      • Julian Enoizi lectures at Lloyd's of London
    • October
      • Public/Private Partnerships- UK named as world leading example at the International Catastrophic Risks Forum
      • Pool Re: engouraging better risk management
    • September
      • Terrorism today and the need for a modern global response
      • Photos from The Sir Thomas Gresham Finance Lecture 2015
      • BBC: MI5 boss warns of technology terror risk
      • Pool Re speaking to consolidated reinsurers
      • Government risks can help re/insurers grow
      • Reinsurance transaction of the year
      • Pool Re appoints Geoffrey Riddell as Non-Executive Director
      • Pooling our knowledge – terrorism remains a high profile issue
      • Using imperfect models
    • August
      • Insurance Day Q&A: terrorism risks modelling
      • Winner of Pool Re’s BIBA 2015 competition announced
      • Insurance Day Silver Briefing: Terrorism & Political Risk
      • Managing a new breed of terror risk: the Pool Re approach
      • Post: Pool Re boss raises prospect of separate cyber reinsurance scheme
      • Steve Coates on 'The Return of Terrorism' for Captive Review
    • July
      • Pool Re launches incentive for site owners and operators working with terrorism initiative.
      • Press Coverage: Post magazine interview with Julian Enoizi
      • Press Coverage: Global Reinsurance Interview with Julian Enoizi
    • June
      • Pool Re Annual General Meeting Annual Report and CEO's Statement
      • Pool Re appoints Bronek Masojada as Non-Executive Director
    • May
      • Pool Re Visits BIBA 2015
      • Insurance Day: Pool Re to explore ILS capacity for retro cover
      • Julian Enoizi shares his perspective on changes at Pool Re and the progress at Flood Re
    • April
      • FT: Organisations take steps to outpace terrorism
      • Aon Publishes White Paper on the Evolving Nature of Terrorism Threats
    • March
      • Julian Enoizi Shares His Views on the London Insurance Market's Role in Terrorism Risk
      • Intelligent Insurer: Munich Re leads Pool Re cover
      • Pool Re Purchases £1.8 Billion in Reinsurance
    • February
      • Councils Purchase Insurance to Protect Against Terrorism Risk
      • The Importance of Terrorism Insurance for Small & Medium Enterprises
    • January
      • World Economic Forum and Wharton Risk Center Publish Global Risks Report 2015
      • Insurance Day: Business interruption from terror attacks unlikely to require Pool Re rethink
      • Control Risks Publishes Risk Map
  • 2014
    • December
      • Pool Re Changes Welcomed by Members & AIRMIC
      • AIRMIC: Pool Re to reward good risk management
    • September
      • Third International Meeting on Terrorism Insurance
    • May
      • Steve Coates on the influx of capital into terrorism risk
    • April
      • Terrorism risk insurance programmes by country

Latest news

  • Firms better protected against terrorism: Royal Assent for bill allowing Pool Re to cover non-damage business interruption
  • Pool Re returns contingency cover against terrorist acts to the commercial reinsurance market
  • The Terrorism Pool Index
  • Christopher Andrew’s The Secret World: A History of Intelligence wins the Airey Neave Book Prize
  • Pool Re publishes its fourth Terrorism Threat & Mitigation Report and gives details of proposed cover for Non-Damage Business Interruption
  • Terrorism Threat and Mitigation Report 2018
  • Pool Re gives details of its latest drive to encourage businesses to proactively mitigate the risk of terrorism
  • Announcing the 2018 Pool Re sponsored Airey Neave book prize short list

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