UK Insurers Already Banned from Paying Ransoms to Terrorist Organizations

The UK Government’s proposal to ban the payment of ransoms by insurers to terrorist organizations, which will be officially presented to Parliament tomorrow, is in fact already inscribed in law, not only by the UK, but also by the U.S., the EU and the UN.

Doug Milne, Willis’ Chief Executive Officer, Special Contingency Risks (SCR), said: “The payment of ransoms to proscribed terrorist organizations has, for some time, been prohibited by UK legislation and by sanctions issued by the United Nations as well as the US and the EU.

“We welcome this clarification that the UK Government is proposing as part of its Counter Terrorism and Security Bill and we support every effort to combat international terrorism,” he added.

“We will continue to work within the law to ensure our clients understand the environments in which they operate, are able to identify and reduce potential threats to their people and have the capability to respond to incidents appropriately,” he continued.

Milne also pointed out, however, that “the vast majority of kidnappings committed globally every year are not perpetrated by proscribed terrorist organizations.”

Source: Willis Group Holdings