Her Majesty’s Treasury (HMT) has announced a call for evidence as it continues its latest five yearly review of Pool Re, Britain’s leading terrorism reinsurer. In the announcement, John Glenn, Economic Secretary to the Treasury, comments that the review will help to “ensure that the rules, systems and risk sharing arrangements remain in the best interests of Pool Re and its members, the government, the taxpayer and the wider economy”.
This call for evidence covers “how the guarantee HMT extends to Pool Re impacts the market for terrorism (re)insurance and how any amendments to the terms of the guarantee and the rules that govern HMT’s relationship with Pool Re would impact the availability, affordability and take-up of terrorism insurance”.
HMT is requesting responses to a number of questions from those involved in the terrorism (re)insurance markets. The call for evidence will run for six weeks until 22 November 2020.
Julian Enoizi, chief executive officer of Pool Re, said: “This review is an important part of our close cooperation with the government, which has enabled Pool Re’s success as a private partnership. The call for evidence presents a crucial opportunity for the market to contribute to the review and collaboratively influence the future direction of Pool Re. I strongly urge members, stakeholders and others involved with the terrorism (re)insurance market to respond to the questions being posed.”
At the end of September, Pool Re released its own forward looking strategy paper entitled, “Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience”.