Reinsurance pool Gareat, which covers attacks and terrorist act risks, was renewed on January 1 for five years. Managed by the Caisse Centrale de Réassurance (CCR), it offers an unlimited guarantee of the State. Its operation has undergone some changes as CCR’s scope of intervention for risks over 20 million EUR (26 million USD) has been raised to 2.3 billion EUR (3 billion USD) and will be increased by 60 million EUR (79 million USD) per year.
For risks whose insured sum is below 20 million EUR (26 million USD), the priority is set at 20 million EUR (26 million USD). This priority of 20 million EUR (26 million USD) can be achieved by aggregating henceforth all the deductibles of the companies that have decided to join forces. These insurers can then benefit from the State’s unlimited coverage. A system of premium discounts has also been implemented.
