LONDON – The British Treasury has launched a Pool Re terrorist crime review, which helps insurers pay claims for property damage caused by terror or military attacks.
Treasury said its recent five-year review was designed to ensure that the UK’s terrorist revitalization market works well and benefits the public.
It will look at whether the level of risk sharing between the government and the private sector is right and whether its rules should be revised, given the continuation of the terrorist recovery market, the department said.
The reinsurance fund, established in 1993, serves as the basis for insurance to pay claims for property damage and business disruption.
It is funded by the government-sponsored insurance industry, and the fees are based on the British government which considers the attack to be related to terrorism.