The participation of "Terrorism Reinsurance and Insurance Pool" following the deadly attacks which occured on March 22, 2016 in Belgium, will be capped at 1.12 billion USD.
Insurers participating in this pool (about 95% of the Belgian market) will retain 337.3 million USD while the pool which is covered by a stop-loss treaty underwritten on the London, continental European and Bermudan markets could only cover 1.12 billion USD in losses.
Based in Brussels, this insurance and reinsurance pool specialized in terrorism risks was established the 1st May 2008 by insurers and supported by the Belgian State.
As a reminder, more than 500 flights were canceled or diverted as a result of terrorist explosions occurring successively at Zaventem airport and Maelbeek metro station.
Road traffic was also disrupted while the main shopping centers of the Belgian capital were closed.
The latest human toll, released on Wednesday, March 23 reported 31 dead and 270 injured people.