Are particular industries more at risk than others?
It’s important to consider both damage and non-damage terrorism impact (for example, structural damage to a property or cyber damage to a business system. Historically, particular industries and locations that are more at risk include:
- High-profile retail targets such as busy shopping centres, famous locations such as Oxford Street in London, and flagship stores
- Hospitality and entertainment venues, including nightclubs, arenas that attract large crowds, sports stadiums and hotels
- Transport and logistics hubs
- Financial institutions
- Energy and power suppliers
- Military bases
Cyberterrorism has also opened up the possibility of everyone from multi-national corporations and international finance operations to SMEs and even sole traders becoming the victims of a terrorist attack. If a cyberattack is associated with a particular cause or attacks are carried out by known terrorist groups, your terrorism insurance coverage may help you restore your business operations and get your company moving again.
Pool Re - The industry's response
In 1993, the insurance industry, in conjunction with the UK government, set up Pool Re (Pool Reinsurance). Pool Re is what is known as a mutual reinsurer made up of both insurance providers and Lloyd's Syndicates. They offer commercial customers insurance that covers losses that are a direct result of terrorist acts; claims are handled by your insurer, which may in turn be reinsured through Pool Re.
At Park Insurance, we recognise just how worrying the thought of a terrorist act can be, especially for those living in 'high-risk' target areas such as the centre of major cities or near strategically important sites. We work with you to provide cover that is both proportional to the level of risk and competitively priced.