The following is an opinion piece written by Jonathan Davison, strategic development director for the British Damage Management Association (BDMA). The views expressed within the article are not necessarily reflective of those of Insurance Business.
A changing landscape
Terrorism insurance was, for a long time, the elephant in the room within the industry. It was known to need more urgent attention, but at the same time it was also a taboo subject in certain quarters as it was complex to approach. For many years terrorism had not been seen as high risk in the UK – and therefore wasn’t necessarily acknowledged directly when underwriting or issuing policies. It has instead typically been offered as an add-on product. The Pool Re scheme, founded by the insurance industry in cooperation with the government, to support claim costs for commercial property terrorism risk across the UK, has been supporting terrorism claims with funding since 1993. Yet, it was last year’s surge in UK terrorist incidents that spurred a change in the way that policyholders and insurance companies need to be supported moving forward with claim costs, policy insights and transparency by the wider insurance industry. The British Damage Management (BDMA)’s discusses…
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