Pool Re, Britain's $7.3 billion terrorism reinsurance fund hopes to extend its coverage to include cyber threats on property. The fund is backed by both the UK government and the insurance industry, and acts as a backstop to insurers paying out claims on property damage and business interruption.
Britain's 6 billion pounds ($7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, chief executive Julian Enoizi said. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims on property damage and business interruption. It is financed by the insurance industry with government backing, and pay outs depend on the British government deeming an attack to be terror-related, Enoizi said. In 2002, Pool Re extended its cover to include chemical and biological attacks after the 9/11 attacks in the United States. There have been several cyber attacks on property in recent years. In 2014, a German steel mill suffered damage to the plant's network from a cyber attack.