British Insurance Brokers Association approves of terrorism compensation

25 January, 2010

The British Insurance Brokers Association (BIBA) has welcomed the announcement from the Government that they will compensate British victims of terrorism abroad .

Graeme Trudgill, BIBA’s Technical and Corporate Affairs Executive, said: “We have been liaising with victim’s families since 2004 and are delighted that the Government has finally committed themselves to this important change. We are also very pleased that many travel insurers, over the last four years, have agreed to include terrorism cover in their travel insurance policy wordings.”

Mr Trudgill added it is estimated that about a third of policies still do not have any terrorism protection at all and BIBA is urging insurers to include this cover as soon as possible because travellers will rely on their insurer helping them if they are caught in a terrorism incident abroad.

According to Peter Staddon, BIBA head of Technical Services, this scheme is not a replacement for travel insurance, it is purely after the event compensation .

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