Arch Insurance reveals SME terrorism product to combat evolving risks

Arch Insurance (UK) Limited has unveiled a new terrorism insurance product for the UK regional market, catering for the evolving risks within the small and medium-sized enterprise (SME) market.

Available as a standalone policy or as an integrated component of an existing programme, the new product covers emerging risks and large losses, such as lone-wolf attacks and activists, as well as loss of attraction, full failure of utilities and prevention of access.

Insureds can also benefit from brand rehabilitation as part of their cover, which helps companies in the aftermath of an event.

Stuart Danskin, director of underwriting for Arch UK’s regional division, said: “Recent incidents have shown how quickly the terrorism threat level can escalate and how difficult it can be to predict where and when businesses will be impacted.

“This has exposed shortfalls, with insureds often facing coverage gaps at the times when they need it most.

”Through our new product, we can provide our customers with relevant coverage that is flexible and adaptable to their specific requirements.”

This follows an increase in terrorist incidences in the UK during lockdown, but SME penetration rates for this type of insurace have remained notoriously low.

Arch has a decade of experience in this class and works closely with brokers and insureds.