Global commercial property and casualty underwriter ACE has launched a property insurance plan known as Shield, to offer integrated coverage against damages caused due to terrorism and political- social violence.
The product will offer coverage to clients with international presence in order to protect them from conventional property damage and business interruptions.
Launch of the product follows a recent research conducted by the firm, which found that less than 10% of European companies have comprehensive insurance cover for terrorism and political violence risks.
The findings also highlight that almost a quarter of companies are either unaware of the potential gaps in their coverage or unsure how to plug them.
ACE terrorism underwriting manager Piers Gregory said social unrest has forced clients to reassess their approach to the threat of terrorism and politically-motivated civil unrest.
"This rise in political and economic uncertainty is challenging traditional cover which would have been provided by separate property and stand alone terrorism covers," Gregory added.
ACE has presence in 53 geographies, while it serves commercial and individual customers in more than 170 countries.