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UK motor insurers vote to mutualise risks for terrorism claims

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  • Topics:
    • Motor (Commercial)
    • Terrorism Risk

Response by Graeme Trudgill, BIBA Executive Director...

“BIBA believes this vote by MIB members to mutualise motor terrorism risk is absolutely the right thing to do. Gaps in terrorism cover were highlighted in our 2018 manifesto and we committed to helping the market find solutions.  The use of a vehicle as  a weapon is not what motor insurance is designed for and it would be wholly unfair  not to mention unsustainable to hold a single motor insurer responsible for any subsequent compensation payments.  I must say well done to the MIB and its members for bringing about this change so quickly.”

 

MIB statement can be found here https://www.mib.org.uk/media-centre/news/2018/july/uk-motor-insurers-vote-to-mutualise-risks-for-terrorism-claims/

 

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