The latest five-yearly review of Pool Re – the terrorism reinsurer backed by the government – has been launched today by John Glen, Economic Secretary to the Treasury
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.
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 should be updated.
John Glen, Economic Secretary to the Treasury, said:
In February 2020 Pool Re was classified as a central government body by the Office for National Statistics (ONS), and the review will also ensure that Pool Re is able to meet the requirements of this classification whilst continuing to operate effectively.
A call for evidence will be published later this year and the review is scheduled to conclude in Spring 2021.