The bill went through its first reading today, and Pool Re describes it as a “watershed moment”
The government has today introduced new legislation to Parliament to give police new powers to investigate hostile state activity at the border.
The bill will also amend the Reinsurance (Acts of Terrorism) Act 1993 so that the government-backed terrorism reinsurer, Pool Re, can extend its business interruption cover to include losses that are not contingent on physical damage to commercial property.
In March, it was announced the government was to legislate to broaden terror insurer, Pool Re’s remit.
Now, after the first day of reading in Parliament, Pool Re has reacted.
Julian Enoizi, Pool Re’s chief executive said: “Pool Re welcomes this proposed change in our remit. Pool Re has long campaigned for a solution which removes the need for business premises to have been damaged before terrorism insurance can pay when people most need help from their policies.
”The announcement is a watershed moment which, if the bill is passed, will make the UK home to the first terrorism insurance pool in the world to extend its coverage to include business losses arising from non-damage business interruption.
“It is particularly appropriate that, on the recent anniversary of the attacks in Manchester and Borough Market, a major step forward has been taken which allows UK insurers to keep pace with the changing nature of terrorist threat in the UK. We will continue to work with Government to ensure this progress is maintained”.
Also today, XL Catlin launched a product to protect companies with motor fleets which could be used in a terror attack.