The UK Government’s proposal to ban the payment of ransoms by insurers to terrorist organizations, which will be officially presented to Parliament tomorrow, is in fact already inscribed in law, not only by the UK, but also by the U.S., the EU and the UN.
Doug Milne, Willis’ Chief Executive Officer, Special Contingency Risks (SCR), said: “The payment of ransoms to proscribed terrorist organizations has, for some time, been prohibited by UK legislation and by sanctions issued by the United Nations as well as the US and the EU.
“We welcome this clarification that the UK Government is proposing as part of its Counter Terrorism and Security Bill and we support every effort to combat international terrorism,” he added.
“We will continue to work within the law to ensure our clients understand the environments in which they operate, are able to identify and reduce potential threats to their people and have the capability to respond to incidents appropriately,” he continued.
Milne also pointed out, however, that “the vast majority of kidnappings committed globally every year are not perpetrated by proscribed terrorist organizations.”
Source: Willis Group Holdings
Topics Catastrophe Natural Disasters Carriers
Was this article valuable?
Here are more articles you may enjoy.
After Losing Job and Crypto, Man Falsely Claimed $1.3M From 107 Class Actions 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
One Weather Firm Warns New England Could See Big Hurricane This Season 
