Review of Pool Reinsurance Ltd launched

The latest five-yearly review of Pool Re has been launched by the Economic Secretary to the Treasury.

In light of the ongoing growth and development of the terrorism reinsurance market, the review will consider whether the current public private risk share remains appropriate and whether the scheme rules that govern Pool Re, the terrorism reinsurer backed by the government, should be updated.

The review is designed to ensure the UK’s terrorism (re)insurance market continues to function effectively and in the public interest and will set the strategic direction for Pool Re over the coming five years.

John Glen, Economic Secretary to the Treasury, said: “Since its inception in 1993, Pool Re has played an important role in the growth of the terrorism insurance market, allowing businesses to get the cover they need. This five-year review will help us ensure that the rules, systems and risk sharing arrangements remain in the best interests of Pool Re and its members, the government and the wider economy.”

Pool Re was classified as a central government body by the Office for National Statistics in February 2020. The review will ensure that Pool Re is able to meet the requirements of this classification whilst continuing to operate effectively.