Pool Re, the UK terrorism reinsurer, announced the launch of the Vulnerability Self-Assessment Tool (VSAT).
Aimed at medium and large businesses, this tool will enable Pool Re member insurers to offer a 5 percent premium discount to insureds which “implement proven and effective risk mitigation measures,” said Pool Re in a statement.
VSAT has been accredited by “Secure by Design,” the police security approval kitemark. It will be available for risks falling due on or after April 1.
The tool was co-developed with ARL Partners and is available to all Pool Re member insurers. It builds on Pool Re’s work and collaboration with the National Counter Terrorism Security Office’s “Crowded Places” program, which offers discounts for risks covered by the program.
“Raising awareness of terrorism risk, as well as promoting and incentivizing the adoption of proven risk mitigation measures, are core to Pool Re’s strategy,” said Steve Coates, chief underwriting officer at Pool Re, noting that VSAT is the latest example of this.
“It has been built to deal with contemporary terrorism threats and provide a framework for policyholders to benchmark their approach to terrorism risk management. It also aims to improve their approach where necessary and in doing so provide a discount on their premium,” he added.
Richard Thompson, managing partner at ARL Partners, said: “We believe that VSAT will deliver a better understanding of how best to reduce the potential risks and vulnerabilities from terrorism thereby helping to protect people and increase resilience in the UK’s economy.”
About Pool Re
Pool Re was set up in 1993 by the insurance industry in cooperation with the UK government in the wake of the Irish Republic Army (IRA) bombing campaign on the UK mainland. Pool Re is a mutual reinsurer whose members comprise the vast majority of insurers and Lloyd’s syndicates that offer commercial property insurance in Great Britain. Membership affords a guarantee that ensures they can provide cover for losses resulting from acts of terrorism, regardless of the scale of the claims.