UK body identifies gaps in terror insurance backstop

Insurance against terror attacks must adapt to face up to the threats posed by so-called lone-wolf militants and the rise of cyber crime.

That’s the view of Julian Enoizi of Pool Reinsurance, the UK government-linked body that backstops insurers against terror payouts.

The spate of recent attacks in London and the suicide bombing of a Manchester pop concert in May highlighted shortcomings in coverage, he said. “We need to close gaps such as business interruption that’s not the result of physical damage and coverage of cyber terror as well as the low take-up among businesses outside of London,” the Pool Re chief said.