Demand is growing dramatically for insurance that covers deadly weapons in the workplace, following the worst year in history in terms of the number of mass shootings in the United States.
There were 417 mass shootings in 2019, making it the worst year on record for this type of attack, according to the Gun Violence Archive. It presents companies and organizations with a difficult reality.
“We’ve seen enormous increases not only in the numbers of inquiries we’ve received, but in the amount of the number of policies we’ve actually bound,” said Christopher Parker, who heads underwriting for terrorism, kidnap and ransom lines at specialty insurer Beazley.
The company, which began underwriting for deadly weapons coverage in 2017, saw the number of policies grow by 235% in 2018 and by 270% in 2019, according to Parker. He expects demand to continue as awareness for the product builds.
The demand for active shooter policies is similar to the growth trend in cyber insurance, said Paul Marshall, founder and managing director of active shooter and workplace violence insurance at McGowan, which places policies for Beazley in the U.S. “In August we placed 220 new policies for that one month….
