The Motor Insurance Bureau has announced that it is working with Aon in the hope of securing £400m worth of reinsurance cover ahead of the demutualisation of terrorism risk coming into effect on 1 January 2019.
The Motor Insurance Bureau has announced that it is working with Aon in the hope of securing £400m worth of reinsurance cover ahead of the demutualisation of terrorism risk coming into effect on 1 January 2019.
This follows the vote by UK motor insurers in July for the MIB to handle and pay the claims for victims involved in a terrorist event where the vehicle is used as a weapon.
The BVRLA was instrumental in lobbying on the issue, securing support from MPs and the MIB in advance of the vote. Speaking about the importance of the successful outcome, BVRLA Chief Executive, Gerry Keaney said:
“This provides much needed reassurance for the vehicle rental sector where members were finding it increasingly difficult to secure cover. Securing the ‘yes vote’ has potentially saved operators from closure, so this has been a great win for our sector.”
Read more about the BVRLA's work relating to vehicle terrorism on the website.
