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Reinsurance News

Global terrorism risk re/insurance pools push to drive market innovation

10th July 2017 - Author: Luke Gallin

Global terrorism risk insurance and reinsurance pools met in Paris for the inaugural International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference recently, to discuss the changing terror risk landscape and the need for continued innovation. 

The event was hosted by GAREAT, the Fédération Française de l’Assurance (“FFA”) and CCR, and brought together senior delegates from as many as 14 member pools, and followed on from Pool Re’s London, UK, event, and the Australian Reinsurance Pool Corporation’s (ARPC) meeting in Canberra, Australia. 

The meeting of members and delegates in Canberra actually concluded with the ratification of IFTRIP.

The Chief Executive Officer (CEO) of the UK’s government backed mutual terrorism reinsurer, Pool Re, Julian Enoizi, said; “IFTRIP continues to go from strength to strength and I am delighted that this year’s congress continued to build on the successes of the events in London and Canberra.

“By bringing together the collective expertise of the world’s terrorism (re)insurance pools we can continue to drive forward innovation in terrorism coverage and look to ensure that our industry is able to support our nations against an evolving terrorist threat.”

A mix of expert speakers and panel sessions saw many burning industry topics and issues being discussed throughout the event, which included the changing nature of terrorism and the emerging challenges. Gaps in terrorism insurance coverage was also explored, alongside the role of public-private partnerships in risk management and terrorism re/insurance, says the IFTRIP.

A need to innovate was discussed during the conference, and specifically innovations around modelling and alternative methods of transferring terrorism-related exposures. The changing and growing roles of international cooperation in both the covering and mitigation of terrorism was noted, as was the current status of the varied terrorism risk pool models, explains the IFTRIP.

IFTRIP Chairman, François Vilnet, said; “No country in the world, however well protected, can consider itself immune from terrorism and the need for international cooperation to prevent, mitigate and better cover these horrific incidents has never been more acute. The level of knowledge and risk management developed in national terrorism pools and schemes can form part of this response. I am proud to host this congress and to welcome my peers from across the globe to Paris.”

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