The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the charter of the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP).
The Austrian terror risk reinsurance pool is the seventh sovereign risk pool to sign up to the IFTRIP charter since its inception in Canberra in October 2016.
IFTRIP was set up as an independent working group to provide a discussion forum for issues relevant to national or state level terrorism insurance or reinsurance providers, as well as developments in the insurance/reinsurance industry.
During 2017 IFTRIP’s key activities will be discussed at a conference in Paris at the end of June, providing an opportunity for technical issues and practical concerns related terrorism insurance or reinsurance to be shared and discussed among global interested parties.
Julian Enoizi, CEO of Pool Re, commented on the announcement; “I am very pleased that the VVO is the latest terrorism reinsurance pool to formally commit its support to IFTRIP. The goal of this organisation is clear. We are bringing together the expertise and experience housed in terrorism reinsurance pools across the globe to evolve our products and develop a more comprehensive terrorism reinsurance proposition.
“Terrorism is no longer limited to specific nations, nor are terrorists’ restricted to traditional attack methods. IFTRIP enables us to develop a more collective and robust response which draws on the best our industry has to offer.”