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Terrorism reaches all-time high in Europe

The increase in the number of terrorist attacks has been largely felt in Europe. Two third of the terrorist attacks that happened in 2016 occurred in Europe, according to the Pool Reinsurance Co. Ltd. According to the terrorism threat and mitigation report released by Pool Re, almost half of the terrorist attacks were aimed at government officials, police, and military personnel.
Terrorism Research and Analysis Centre will use this report to price and model terrorism reinsurance coverage. A number of attacks has occurred in the UK since the beginning of the year 2017, however, full data on the attacks are not in report.
The inconsistency in the pattern of terrorist attacks makes it difficult to model unlike natural disasters. The lack of historical data doesn’t help either. According to the Pool Re’s chief underwriting officer, Steve Coates, the report will give Pool Re and others the idea of how to model and price their cover and reinsurance cover.
The increase in the activities of the Kurdish separatists increased the terrorist attacks, covering 72% of the attacks that occurred in Europe. The report shows that 115 terrorist attacks occurred in 2016 worldwide. The attacks resulted in loss of lives, properties and leaving many people injured. In all, 779 people were killed, 3,044 injured and quarter of the attacks caused property damage. Terrorists mostly use improvised explosives devices which are more effective at destroying properties.
Military intervention in Syria and Iraq by France and Germany might have been responsible for the increase in attacks in both countries, making them the two most attacked mainland countries in Europe. Most of these attacks were carried out through the use bladed weapons like knives.
The attack that occurred in Ariane Grande concert is one of the many that occurred in Europe. There were 114 deaths and over 370 people injured resulting from 34 attacks that occurred in Europe during the first half of 2017.
Attacks in the United Kingdom have increased showing that there is increase in hostility. It is clear that there is a pattern and methodology behind these attacks.
U.K. government and members of the insurance industry established the Pool Re in 1993. The members of the Pool Re also include the Lloyd’s of London syndicates that are into insuring commercial property in the U.K. the Pool Re will extend its research to cyber terrorism after it was granted the preliminary government approval. If negotiation with the government go as planned, it will also extend to non-damaged business interruption.