The International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP) has convened at a 2nd annual conference in Moscow to address a variety of emerging terror threats and risk mitigation strategies.
The event, which followed a series of closed session meetings involving terrorism risk finance experts from across the world, brought together senior delegates from the Member Pools alongside private sector re/insurers, brokers, academics, risk modellers and regulators.
Topics of priority included the rapidly evolving cyber terrorism risk landscape, as well as the potential for unified definitions of terrorism and cyber terrorism.
It also addressed trends and challenges such as terrorism using vehicles and victim compensation, the need for non-damage business interruption coverage, and innovations in risk modelling and cross border pooling.
Alternative methods of transferring risk, such as insurance-linked securities (ILS) structures, where also discussed, in addition to new risk sharing structures for catastrophe risks, including public-private partnerships.
The conference was hosted by the Russian Antiterrorism Insurance Pool (RATIP) and followed last year’s conference in Paris, France, which in turn followed conferences in Australia and the UK.
“Governments and the private sector, acting independently and in partnership, all have a responsibility to help mitigate the terrorist threat,” said IFTRIP Chairman François Vilnet.
“Following the success of our previous congress in Paris, we have worked tirelessly over the past year in our Cyber Working Group and other IFTRIP committees to improve our understanding of terrorism and how it is evolving in methods, ideologies and approaches,” Vilnet continued. “I would like to thank the RATIP team for their tireless work, and we are looking forward to our next Congress in Brussels.”
Alexander Gulchenko, Chairman of RATIP, also commented: “IFTRIP is a unique organisation. It brings together the world’s leading terrorism risk pools, with all their expertise and knowledge, and facilitates the sharing of information and knowledge.
“The terrorism threat is a global one, and, in order to bring stability and security to lives and economies, we should face it together,” he added. “I am therefore very pleased that Moscow has had the honour of hosting this important conference.”
