William Eichler 04 January 2018

Terrorism insurance increases more than 300% in one year

Terrorism insurance increases more than 300% in one year image

The total value of public sector awards and frameworks for insurance services that included terrorism cover increased by over 300% in one year, according to new research.

Tussell, a market analysis company which specialises in public procurement, found that the value of insurance services including terrorism grew from £13m to £56m between 2016 and 2017 — a 331% year-on-year increase.

Out of the top five contracts, three were for councils: Royal Borough of Kensington & Chelsea (£9m), Cheshire West and Chester Council (£7m), and Cheshire East Council (£5m).

The other two contracts were for Insurance London Consortium (ILC) (£21m) and a London Universities Purchasing Consortium (£5m).

The London Borough of Southwark also issued a £34,000 award for ‘Terrorism cover for 160 Tooley Street’. This covers a local authority building near to the site of the London Bridge attack in June. 

Only one of the top contracts was issued after the Westminster terrorist attack on 22 March.

Image: Adam Cowell / Shutterstock.com.

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