Stephen Ashwell, XL Catlin’s chief underwriting officer for crisis management, said a number of recent, high profile attacks carried out by terrorist groups, as well as global terror events have created the need for such an insurance solution.
“Active assailant coverage will initially be underwritten in the UK, US, Germany and Asia Pacific covering clients globally. The solution is designed to help organisations with the financial impacts of active assailant events ranging from business interruption, denial of access through to medical expenses and business rehabilitation costs”, he said.
He added that the coverage was broad and applied to premeditated events, which was a key differentiator from other options on the market.
Ashwell said XL Catlin believed there would be significant demand for the solution and had added additional capacity to support its development.
“Incidents of this nature are terrible in all cases, that’s clear. Without the right insurance cover however, the aftermath can be just as devastating; crippling organisations and their function in society.
“This is why we’ve developed this coverage to help address the gaps there are in existing solutions, in a thoughtful and thorough way.”
Shelley Devane, head of crisis management, Australia, said: “As security risk becomes relevant in developed economies as well as emerging countries, Australian businesses also become more susceptible to threats to their people, assets and operations.”
Insurer XL Catlin has added active assailant coverage to its crisis management product suite to respond to the threat of terror attacks facing businesses and public service providers.