’Axa’s decision to include terrorism cover as standard within selected digital SME products is another important step towards closing the UK’s terrorism protection gap,’ says chief underwriting officer
Axa Insurance UK has joined Pool Re’s SME Incentive Scheme as part of efforts to increase access to terrorism insurance among small and medium-sized businesses.
Under the initiative, Axa will include terrorism cover as standard within selected digital SME insurance products, removing the need for eligible businesses to purchase separate protection.
The offering will provide cover for physical damage caused by terrorism alongside non-damage business interruption (NDBI) protection.
NDBI cover will respond where a business cannot access its premises because of restrictions imposed by the police or other authorities following a terrorist incident, even if the property itself has not been physically damaged.
Matt Briggs, UK technical director for commercial property underwriting at Axa, said: “We are delighted to be providing terrorism cover as standard for SMEs placed by insurance brokers on Axa’s digital platforms, subject to the £10m sum insured limit set by Pool Re.
“In addition, Axa will go further, not only offering traditional blast terrorism cover but also providing a £25k limit for non-damage denial of access as standard.”
Protection gap
The move forms part of Pool Re’s efforts to address what it sees as a significant terrorism protection gap among smaller UK businesses.
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It is estimated that only around 5% of UK SMEs currently purchase dedicated terrorism insurance, leaving a large proportion potentially exposed to financial disruption following an attack.
Pool Re’s SME Incentive Scheme was established to encourage insurers to incorporate terrorism protection into standard commercial insurance products, with the aim of making cover simpler and more accessible.
Jonathan Gray, chief underwriting officer at Pool Re, said: “We are delighted to welcome Axa to the SME Incentive Scheme.
“Axa’s decision to include terrorism cover as standard within selected digital SME products is another important step towards closing the UK’s terrorism protection gap. SMEs are the backbone of the UK economy, yet many remain vulnerable to the financial impacts of terrorism.
”By making this cover more accessible and embedding it within core products, Axa is helping ensure that more businesses have the protection they need to recover and continue operating following an incident.”
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