LONDON--June 11, 2012--(BUSINESS WIRE)--Over a third (36%) of UK corporates do not have specific insurance cover in place for terrorism and political violence risk, according to research undertaken by ACE.
Further, over one in ten respondents (13%) believe terrorism and political violence to be covered under another policy.
The findings come as ACE publishes its new guide, “Property Insurance: Terrorism and Political Violence”, which is to be launched at the Airmic annual conference this week.
Produced with Airmic the guide explains and explores the nature and extent of terrorism and political violence threats. It offers guidance on how to secure the necessary insurance to transfer some or all of these exposures.
In clarifying how various coverage options respond to certain incidents (such as ‘terrorism’, ‘riots and civil commotion’ and ‘political violence’) the guide aims to remove ambiguity, and help risk managers to be clear on what is insured under each type of policy. It also contains definitions for key terms relevant to terrorism and political violence cover.
In addition, the guide highlights other key areas for risk managers and insurance buyers to consider, such as the link between exposure to terrorism and political violence, and the influence it has on supply chain disruption, or business interruption factors caused by “denial of access” following an incident.
Piers Gregory, Terrorism Underwriting Manager, ACE said: “The terrorism insurance market has developed considerably in recent years, yet many policyholders are still uncertain as to the nuances of terrorism and political violence cover. ACE has developed this guide to help risk managers and provide them with further clarity on the subject, in order to increase financial resilience and peace of mind in terms of these risks.”
Paul Hopkin, Airmic Technical Director said, "Terrorism and other forms of political violence represent an important and fast developing area of risk, and we welcome this guide as a timely reminder of the need for companies to understand their exposures and the insurance protection they have in place."
ACE has conducted this research as part of a larger survey of European corporates, on a range of emerging risk issues, with more findings to be released in the near future.
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
ACE UK & Ireland’s five regions are:
∙ Ireland (Dublin and Belfast) ∙ Scotland (Glasgow) ∙ The North (Leeds, Manchester, Newcastle) ∙ Midlands (Birmingham) ∙ London and South East (London, Maidstone, Reading, Watford)
Additional information can be found at: www.acegroup.com/uk
Airmic represents more than 1,000 risk managers and professional insurance buyers, including two thirds of FTSE 100 companies. Their annual conference takes place in Liverpool June 11-13, 2012.
Notes to editors:
The research for ACE Insurance was carried out between: 13 / 04 / 2012 and 03 / 05 / 2012 by Opinion Matters who spoke to 606 European Risk managers / CROs / CFOs / COOs / people responsible for buying insurance from companies with turnover of £500 million+ for the UK and their equivalent in the European countries.
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