Guaranteeing Great Britain: Pool Re issues strategy paper

Guaranteeing Great Britain: Pool Re issues strategy paper 150 150 Haggie Partners

Pool Re, Britain’s leading terrorism reinsurer, has announced the launch of its forward looking strategy paper entitled, “Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience”.

The launch coincides with the recent announcement by the government of its latest five year review of Pool Re, which will include discussion around elements of the mutual’s proposed strategic direction for the next five years.

The strategy paper examines the innovations and the development of Pool Re since the last review in 2014, as well as taking a look forward to the next five years; offering members and other interested parties an opportunity to put forward their views on how it operates and develops.

Pool Re makes clear its ambition to create an organisation that is effective and suitable for the 21st century, proposing reforms to the scheme’s operating model and scope of activity. These aim at continuing to achieve the correct balance of risk share between the taxpayer and the commercial market, thus distancing the taxpayer from potential loss, and enabling members to retain more risk themselves.

As part of that strategy, Pool Re Solutions was launched in 2019 to provide analysis and advice to members and their policyholders on terrorism risk awareness, risk modelling and risk management, to promote the mitigation of impact from potential loss.

Julian Enoizi, chief executive officer of Pool Re, said: “Nearly three decades on from the founding of Pool Re, our industry continues to rise to meet the challenges of the evolving terrorism threat. That we do so is premised more strongly than ever on the principles of collective ownership, and combined endeavour.  That is why we have launched this paper ahead of the Treasury’s call for evidence later this autumn, as it is vital for the insurance industry to contribute to the review and to collaboratively influence the future direction of Pool Re.”