More than 36% of UK corporates do not have any specific insurance coverage against risks posed by terrorism and political violence threats.
According to a research "Property Insurance: Terrorism and Political Violence", carried out by ACE dictates that over one in ten respondents (13%) believe terrorism and political violence to be covered under another policy.
ACE terrorism underwriting manager Piers Gregory 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," Gregory said.
The study also explains and explores the nature and extent of terrorism and political violence threats and offers guidance to minimize the risk by providing insurance coverage.
Prepared in collaboration with Airmic, the report offers insight of the nature and extent of terrorism and political violence threats and how to secure the necessary insurance to transfer some or all of the exposures.
Airmic technical director Paul Hopkin 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."
The ACE Group trades in 53 countries, and offers provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.