Terrorism risk self-assessment tool could earn UK insureds a 5% premium discount
Pool Re, the UK’s terrrorism risk re/insurance fund, has today launched a new self-assessment tool, which it said would help insureds assess their terrorism risk and ultimately reduce premiums.
The Vulnerability Self-Assessment Tool (VSAT) is a resource aimed at medium and large businesses, to help such firms demonstrate they have implemented effective risk mitigation measures.
Pool Re said the VSAT will enable its membership of insurers to offer a 5% premium discount to insureds that qualify.
Pool Re chief underwriting officer Steve Coates said: “Raising awareness of terrorism risk, as well as promoting and incentivising the adoption of proven risk mitigation measures, are core to Pool Re’s strategy. VSAT is the latest example of this.”
VSAT has been accredited by “Secure by Design”, the police security approval kitemark, and will be available from 1 April.
The tool, which was co-developed with ARL Partners, builds on Pool Re’s work and collaboration with the National Counter Terrorism Security Office’s ‘Crowded Places’ programme, which offers discounts for risks covered by the programme.
Coates added: “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.”