Aviva adds standard terrorism cover to digital SME products

Aviva has become the first insurer to include terrorism cover as a standard feature in selected digitally traded commercial products for eligible small and medium-sized enterprise (SME) customers in Great Britain. Effective from 24 August, the move transitions terrorism protection from an optional add-on to a standard component of the policy premium for specific products.

The initiative follows the launch of Pool Re’s SME Incentive Scheme, which aims to close the protection gap for small businesses. Under this scheme, terrorism reinsurance rates have been reduced by up to 90% for most policies, allowing Aviva to integrate the cost into the overall product premium with minimal impact.

The coverage applies to risks in Great Britain where property or material damage is selected and the combined sum insured for property damage and business interruption is below £10 million. Included products feature Aviva’s digitally traded Commercial Combined, Office & Surgery, Property Owners, Shop & Salon, and Computers, with Contractors Combined expected to follow. Existing business will be updated during the renewal process.