Pool Re and the Nuclear Threat Initiative Highlight Radiological Material Security Efforts

Pool Re and Nuclear Threat Initiative (NTI) will host a joint conference in London on April 6, 2017 to discuss the risks posed by radiological materials in the UK and globally.  

The conference will include presentations on the threat and the urgent need to reduce the risks associated with radiological materials used in the healthcare sector; the economic impact of a radiological “dirty bomb” bomb in the UK; a case study on risk mitigation measures in the U.S., including at hospitals in New York City; and the perspective from insurers. Des Browne, vice chairman of NTI and former UK Secretary of State for Defence, will deliver the keynote.

The 50 attendees at the conference will come from government, academia, healthcare, reinsurance and insurance sectors.

 “We are delighted to host this conference, which builds on the work we have been conducting with NTI to broaden our understanding of terrorist threats that might involve radiological materials,” said Julian Enoizi, CEO of Pool Re. “NTI has a deep understanding of matters relevant to these threats. Working with them has given Pool Re a unique insight into these highly complex issues.”

 “Pool Re’s expanding mission as a risk-mitigation organization makes it an excellent partner for NTI as we work to reduce the serious risks posed by vulnerable radiological materials around the world,” said Vice Chairman Browne. “We are grateful for Pool Re’s commitment to this effort, and we look forward to further collaboration.”

Pool Re currently underwrites more than £2 trillion of exposure in commercial property to terrorism risk across the UK mainland. Pool Re provides terrorism reinsurance, and develops sophisticated loss estimation models – including chemical, biological, radiological and nuclear (CBRN) weapons risk models - in collaboration with its external research partners.

NTI works with governments and industries around the world to develop strategies to better secure and eliminate dangerous radiological materials. In addition to tracking countries’ radiological security progress and advocating for stronger international frameworks, NTI works with hospitals to replace radioactive cesium-137 blood irradiators with effective alternative technologies. NTI’s new informational brochure, published for this conference, explains the risks associated with cesium-137, describes the safe and effective technologies available, and offers case studies from countries that have already phased out the use of cesium-137.

About Pool Re

The Pool Re scheme was set up in 1993 by the insurance industry in cooperation with the UK Government in the wake of the IRA bombing campaign on the UK Mainland with the goal of protecting the economy. Pool Re is a mutual reinsurer whose Members comprise the vast majority of insurers and Lloyd’s Syndicates which offer commercial property insurance in the Great Britain, with membership of the scheme affording them a guarantee which ensures that they can provide cover for losses resulting from acts of terrorism, regardless of the scale of the claims.

The scheme, which is recognized as a leading example of public/private partnership, is owned by its Members but is underpinned by a HM Treasury commitment to support Pool Re if ever it has insufficient funds to pay a legitimate claim. Pool Re pays a fee to Government for this guarantee and would repay the money over time if it ever used this facility.

However, in the event of a loss resulting from an act of terrorism, each Member must first pay losses up to a threshold, which is determined individually for that insurer. When losses exceed that threshold, the insurer can claim upon Pool Re’s reserves, which now stand at approximately £6.2 billion. These reserves have been accumulated by the Members of Pool Re since its inception. It is only in the event that these reserves and the company’s commercial reinsurance are exhausted, that Pool Re would require Government support.

The Pool Re fund has paid out following 13 separate terrorism incidents covering losses of over £600m.

Since March 2015, the Pool Re Scheme’s resilience has been augmented by an external reinsurance placement. This re-engages the global market in aggregated UK terrorism for the first time since 1993, and additionally provides protection to both Scheme assets and the UK taxpayer.

Pool Re is also a founding member of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). Established in 2016, IFTRIP is aimed at fostering closer ties and allowing for greater collaboration between the world’s terrorism (re)insurance entities. IFTRIP is comprised of national terrorism reinsurance pools from twelve countries.

About NTI

The Nuclear Threat Initiative works to protect our lives, environment, and quality of life now and for future generations. We work to prevent catastrophic attacks with weapons of mass destruction and disruption (WMDD)—nuclear, biological, radiological, chemical, and cyber. Founded in 2001 by former U.S. Senator Sam Nunn and philanthropist Ted Turner, NTI is guided by a prestigious, international board of directors. Sam Nunn serves as chief executive officer; Des Browne is vice chairman; and Joan Rohlfing serves as president.  Former U.S. Energy Secretary Ernest J. Moniz will become CEO and join Nunn and Turner as co-chairmen on June 1, 2017.  NTI’s new informational brochure on effective alternative technologies for cesium-137 blood irradiators and can be found here. More information about NTI’s radiological security progress report can be found here

Contacts

Pool Re:
Haggie Partners LLP:   +44 (0)20 7562 4444
Peter Rigby:   peter.rigby@haggie.co.uk
Brian Norris: brian.norris@haggie.co.uk

NTI:
Cathy Gwin: gwin@nti.org (202) 454-7706

April 5, 2017
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NTI partners with Pool Re to host a conference in London on April 6, 2017 to discuss risks posed by radiological materials.