Non-damage BI and emerging threats
In this IIL joint property/LBIA lecture Steve Coates examined the recent change in UK terror legislation which allows Pool Re to cover non-damage business interruption. He will consider this through the lens of BI policies and how they have developed and changed over time.
Steve explained that the London Bridge attack in 2017 highlighted the terrorism insurance gap. This is the former gap between BI policies and terrorism supported by Pool Re. Legislation has recently been passed to address this issue which will allow most UK property insurers to offer non-damage BI cover where it results from a certified act of terrorism.
It is important to consider this change not only in terms of the wider cover it facilitates, but against the contemporary terrorist threat which continues to change and adapt in ways natural perils do not.
BI policies have evolved enormously in recent decades and whilst this is positive news, much of the base functionality of a BI policy is still calibrated around physical damage to tangible property. The question remains around how BI policies need to evolve further.
By the end of this lecture members would have gained an insight into:
- Understanding the current terrorist landscape in the UK and Europe
- The reason why terrorism legislation had to be amended
- The nature of the non-damage cover that is now available
- How modern BI policies need to evolve to meet toda'ys threats
Tim McGain, President, LBIA and Head of Property, AGCS Regional Unit.
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IIL lectures are open to CII and PFS members
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