Insurance
Home›Insurance›Industry & Deals›Aviva makes terrorism cover standard on select digital…
Aviva makes terrorism cover standard on select digital SME policies
The added protection takes effect August 24 and is available for eligible GB risks with combined property damage and business interruption sum insured below £10 million.
British insurer Aviva has added terrorism cover as standard to selected digitally traded commercial products for eligible small and medium-sized enterprise customers in Great Britain, citing a new scheme from Pool Re as a key driver of the rollout, according to Reinsurance News.
The coverage is effective August 24 and follows the launch of Pool Re’s SME Incentive Scheme, which aims to improve access to terrorism protection and streamline broker and client conversations. Aviva said terrorism reinsurance rates through the scheme have been reduced by up to 90% for most policies, allowing the insurer to bundle protection into core premiums with minimal cost impact.
The terrorism cover applies to Great Britain risks where property and material damage is selected, and where the combined property damage and business interruption sum insured is below £10 million. Aviva said the cover will be included in the standard proposition for multiple digitally traded products, including Commercial Combined, Office and Surgery, Property Owners, Shop and Salon, and Computers, with Contractors Combined expected to follow.
Aviva also said the terrorism protection will be removed as an optional add-on for those products, and existing business will be updated at renewal, with the cost integrated into the overall product premium. Reinsurance News reported remarks from Aviva’s Dave Martin, describing how terrorism cover remains among the least purchased protections for SMEs and that the new approach is intended to help more customers access protection that they may otherwise go without.