The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) convened its inaugural conference in Paris following on from a day of closed session meetings. The event, which brought together senior delegates from 14 Member Pools was hosted by GAREAT, the Fédération Française de l’Assurance (“FFA”) and CCR and followed the conferences held by Pool Re and ARPC, the latter of which concluded with the ratification of IFTRIP.
A broad spectrum of issues and topics were discussed by a series of expert speakers and panels including:
- The role of international cooperation in the covering and mitigation of terrorism
- The changing nature of terrorism and the emerging challenges
- The changing nature of the threat, hyper- terrorism (non-conventional terrorism) and possible mitigation of exposure
- The gaps in terrorism insurance coverage and current market responses
- The role of Public Private Partnerships in risk management and terrorism (re)insurance
- How Public Private Partnerships can encourage risk mitigation by collaborating with public authorities
- Innovations in modelling and alternative methods of transferring terrorism risk
- The current status of the various pool models
François Vilnet, IFTRIP chairman, 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.”
Julian Enoizi, CEO of Pool Re 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.”
At the National Terrorism Reinsurance Pools Congress in London in October 2015, participants agreed to formalise the collaboration between terrorism (re)insurance pools. The International Forum of Terrorism (Re)insurance Pools (IFTRIP) was formally ratified at the congress organised by the Australian Reinsurance Pool Corporation (ARPC) in Canberra in October 2016.
The organisation was founded with the goal of promoting initiatives for closer international collaboration and sharing expertise and experience to combat the threat of potential major economic loss resulting from terrorism.
The following institutions are members, observers or invitees of IFTRIP:
- Australia (ARPC)
- Austria (GRAWE)
- Belgium (TRIP)
- Denmark (FINANSTILSYNET)
- France (GAREAT, CCR)
- Germany (Extremus)
- India (GIC)
- Israel (ITC)
- Namibia (NASRIA)
- Netherlands (NHT)
- Russia (RATIP)
- South Africa (SASRIA)
- Spain (CCS)
- USA (TRIP)
- UK (Pool Re)
IFTRIP is governed by the IFTRIP charter and is bound by local and international regulations.