Catlin Insurance has announced the launch of what it describes as...
Catlin Insurance, a subsidiary of Catlin Group, has announced the launch of what it describes as an “affordable” insurance and reinsurance cover for acts of nuclear, chemical, biological or radiological (NCBR) terrorism.
Insurers have, historically, been reluctant to provide cover for NCBR events partly due to the unacceptable accumulation of risk posed by these types of events.
Catlin Bermuda has developed a product which overcomes this problem by restricting the cover to NCBR events which occur in a specified geographic area that is pre-defined by the insured or cedant.
The Catlin cover can be provided on an insurance or reinsurance basis and can cover most underlying forms of insurance, for example, workers' compensation, property damage and business interruption.
By restricting the geographic area covered, Catlin Bermuda has created a product whereby significantly more insurance and reinsurance capacity should now be available for NCBR terrorism at much more reasonable pricing levels.
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