SMEs still lacking terror cover as Reading attack highlights ongoing risks

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After three men were murdered in a recent attack in Reading that is being treating as a terror incident, Geo Underwriting warns SMEs could be at risk without the right cover in place

Last weekend’s suspected attack in Reading has once again brought the issue of terror insurance cover to the forefront.

Three people were stabbed to death and at least three other people were injured in Reading’s Forbury Gardens on Saturday.

Police are treating the incident as a terrorist attack, and are questioning a suspect, Khairi Saadallah, 25.

But SME penetration of terrorism cover is notoriously low at just 14%.

This is according to Marcus Meredith, head of political violence and terrorism at Geo Specialty.

He told Insurance Times: “The tragic attack on Saturday demonstrates that the threat of terrorism hasn’t diminished during lockdown.

Meredith added: “Counterterrorism police have warned that social isolation could make some of society’s most vulnerable people more susceptible to radicalisation.

“Lone wolf attacks, non-damage business interruption and loss of attraction are all covered by Geo Underwriting terrorism policies, extensions we have added in response to the changing nature of terrorism.

“This should give SMEs reassurance that they won’t lose financially if they are indirectly affected by an attack of this nature as they start to reopen their premises.”