Launched in May 2015, this initiative has the potential to drive a significant increase in the implementation of counter terrorism security measures in public and private buildings across the UK. The genesis and development of the Loss Mitigation Credit initiative has, at its core, the goal of bolstering the UK’s defences against an evolving terrorist threat. Its launch not only provides a clear incentive for organisations across Great Britain to implement risk management techniques and develop infrastructure that can help thwart terrorist attacks but also, in the event of an attack, protect lives and maintain commerce.
Paul Howell, a Senior Counter Terrorism specialist from the National Counter Terrorism Security Office (NaCTSO), said: “We are delighted that the Protective Security Improvement Activity (PSIA) and Loss Mitigation Credit (LMC) initiative with Pool Re has been recognised by the insurance industry.
This scheme is an excellent example of the police and private sectors working closely together to keep people safe from the threat of terrorism. The PSIA provides security improvements for businesses and their customers at their premises. It is a testament to its effect that they can benefit financially from reduced insurance costs via the LMC.”
Julian Enoizi, chief executive officer of Pool Re, said: “I’m proud that our partnership with the National Counter Terrorism Security Office to mitigate the threat of terrorism has been recognised by CIR Magazine at the Commercial Insurance Awards. This initiative broke new ground by offering a pathway by which the insurance industry can better support the work of our security services, improve the UK’s resilience, and offer a template for closer collaboration.”