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Pool Re unveils new incentive for risk mitigation

Pool Re unveils new incentive for risk mitigation | Insurance Business

Pool Re unveils new incentive for risk mitigation

Perks for the prepared: Pool Re has rolled out a new tool designed to incentivise medium and large businesses for adopting effective risk mitigation measures. A 5% premium discount awaits insureds who get onboard.

Co-developed with ARL Partners, the Vulnerability Self-Assessment Tool (VSAT) has been accredited by police security approval kitemark “Secure by Design”. VSAT builds on Pool Re’s work and collaboration with the National Counter Terrorism Security Office’s Crowded Places programme, which also offers discounts.

Available to all Pool Re member insurers and for risks falling due on or after April 01, the new resource is part of a series of incentive initiatives by the UK terrorism reinsurer.

“Raising awareness of terrorism risk, as well as promoting and incentivising the adoption of proven risk mitigation measures, are core to Pool Re’s strategy,” said chief underwriting officer Steve Coates. “VSAT is the latest example of this. It has been built to deal with contemporary terrorism threats and provide a framework for policyholders to benchmark their approach to terrorism risk management.

“It also aims to improve their approach where necessary and in doing so provide a discount on their premium.”

For Richard Thompson, managing partner at ARL Partners, the tool will deliver a better understanding of how best to reduce the potential risks and vulnerabilities from terrorism. ARL Partners believes the initiative will not only help protect people but also aid in increasing the UK economy’s resilience.

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Pool Re's first-ever terrorism frequency report released
Pool Re taps academe in anti-terror efforts