Pool Re hopes to include cyber
Source: Asia Insurance Review | Apr 2017
Britain’s GBP6 billion (US$7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, Business News quoted its Chief Executive Julian Enoizi.
Pool Re was set up in 1993 to act as a backstop to insurers paying out claims on property damage and business interruption. Mr Enoizi said the pool is financed by the insurance industry with government backing, and pay outs depend on the British government deeming an attack to be terror-related.
There have been several cyber attacks on property in recent years but they had been ruled out as terror attacks. Nevertheless, Mr Enoizi said Pool Re needs to be prepared hence it hopes to add cyber to its coverage in the next few months.
Pool Re’s cover would be limited to terror-related cyber attacks, once the British government assessed it to be an act of terrorism, Mr Enoizi said.