Committee publication · Correspondence · 3 June 2025
Letter to Pool Re relating to the Sub-Committee's inquiry into UK economic security, 23 May 2025
From: Business and Trade Sub-Committee on Economic Security, Arms and Export Controls
Inquiry: UK economic security
Summary
Chair of the Business and Trade Committee writes to Pool Re's CEO inviting the organisation to provide evidence to the Sub-Committee's inquiry into UK economic security. The letter acknowledges Pool Re's 30-year role in managing insurance market failure and systemic risk, and flags concerns about terrorist activity and state-backed cyber-attacks exposing gaps in insurance sector preparedness.
Key findings
- Pool Re has been instrumental since 1993 in providing tools to analyse threats, manage risks, and address insurance market failure
- Terrorist activity evolution and state-backed cyber-attacks are identified as threats that may leave the insurance sector unprepared to handle systemic risk
- The Sub-Committee is conducting a baseline inquiry into UK economic security to inform Parliament's scrutiny of government action
- Both the Chair and Pool Re CEO agree that threats are constantly evolving and require strengthened public-private sector partnership
Tone
ProceduralTopics
Key actors
Tom Clementi, Pool Re, Business and Trade Committee, Business and Trade Sub-Committee on Economic Security, Arms and Export Controls
Notable line
“… the evolution of terrorist activity and the rise of state-backed cyber-attacks threaten to leave the insurance sector unprepared to handle key sources of systemic risk.”
Key Quotes
“We are agreed that the threats to the UK's economic and national security are constantly evolving, and that these new times call for a strengthened partnership between the public and private sectors to build the nation's resilience.”
“Pool Re has played a hugely important role since 1993 in ensuring that our economy has the tools needed to analyse threats, manage risks and address insurance market failure.”
Source · parliament.uk record ↗