July 2nd, 2009

Global Terror Update: Finland

Posted at 1:00 AM ET

global_cover141x141All Finnish insurance companies, except Pohjola and If, participate in the Finnish Terrorism Pool. The pool is intended as a last resort in the event of a major terrorism loss in Finland, and recovery will be made under the pool only after all traditional reinsurance programs have been exhausted. For personal lines, there are no terrorism exclusions. On industrial and commercial lines, exclusions are imposed, but with a EUR3 million per policy write-back. Reinsurance generally follows the original conditions, but excludes NBC terrorism. 

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