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Our Lead Underwriter, Terrorism, Becky wrote an article for Insurance Day about the changing nature of terrorism and why standalone cover can offer greater protection to businesses.
The terrorism threat is evolving, the days of a bomb in a landmark building causing millions of pounds of physical damage have been replaced by a more insidious threat. Localised attacks carried out by small groups, or lone wolves have been occurring with increasing frequency and as a result, the market needs to review its terrorism provisions to ensure it continues to meet the challenges of these evolving threats.
“Despite the increased risks of such attacks and the significant financial costs associated with them, the number of businesses purchasing standalone cover is relatively small”
As purchasing terrorism cover is not compulsory in the UK, many businesses simply don’t feel the cover is relevant to them or their business; in many cases that might be true, but the highly bespoke nature of standalone cover can help to bridge the protection gaps left by many government pools. Internationally it’s the same story, in the US only 62% of companies purchased terrorism insurance despite these attacks ranking among the top 10 risks for global businesses in terms of likelihood.
In response we are seeing more insurers providing standalone cover, these products can be much more flexible than government pools, offering more relevant extensions and location-specific coverage at more competitive prices. We have recently launched our own specialised Terrorism & Sabotage product for the UK, US and Australian markets building on our existing construction and engineering platforms and the response so far has been extremely positive.
Click here to read the full article where Becky explains how terrorism is evolving and how coverage has to develop to meet these challenges (subscription required)
Contact Becky Steel or Dan Moorcraft to find out more about our Terrorism & Sabotage product; Becky.Steel@ensuranceuk.com or Daniel.Moorcraft@ensuranceuk.com