The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) today convened its annual conference in Moscow following a series of closed session meetings involving terrorism risk finance experts from across the world. The event brought together senior delegates from the Member Pools and was hosted by the Russian Antiterrorism Insurance Pool (RATIP). It followed last year’s conference in Paris, France which in turn followed conferences in Australia and the UK.
The Member Pools were joined by private sector re/insurers, brokers, academics, risk modellers and regulators to discuss a broad spectrum of issues and topics including:
- the rapidly evolving cyber terrorism risk landscape
- the potential for unified definitions of terrorism and cyber terrorism
- terrorism using vehicles and victim compensation
- the need for coverage of non-damage business interruption
- innovations in risk modelling and cross-border pooling
- alternative methods of transferring terrorism risk, including ILS structures
- new risk sharing structures for catastrophe risks, including public-private partnerships
François Vilnet, IFTRIP chairman, said: “Governments and the private sector, acting independently and in partnership, all have a responsibility to help mitigate the terrorist threat. 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. 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, said: “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. I am therefore very pleased that Moscow has had the honour of hosting this important conference.”
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)
- France (CCR)
- Germany (Extremus)
- India (GIC)
- Israel (ITC)
- Namibia (NASRIA)
- Netherlands (NHT)
- Russia (RATIP)
- South Africa (SASRIA)
- Spain (CCS)
- Sri Lanka (NITF)
- USA (TRIP)
- UK (Pool Re)
IFTRIP is governed by the IFTRIP charter and is bound by local and international regulations.