We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Trade body on terror risk: “We should face it together”

Trade body on terror risk: “We should face it together” | Insurance Business

Trade body on terror risk: “We should face it together”

The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has held its second annual conference, this time gathering members in Moscow.

Hosted by the Russian Antiterrorism Insurance Pool (RATIP), last week’s event saw private sector (re)insurers, brokers, academics, risk modellers, and regulators join senior delegates from the member pools to discuss topics including terrorism using vehicles; the need for coverage of non-damage business interruption; the potential for unified definitions of terrorism and cyber terrorism; and alternative methods of transferring terrorism risk such as ILS structures.

Founded with the goal of promoting initiatives for closer international collaboration and expertise sharing, IFTRIP is made up of the following members, observers, and invitees: Australia (ARPC), Austria (GRAWE), Belgium (TRIP), Denmark (FINANSTILSYNET), France (GAREAT and CCR), Germany (Extremus) , India (GIC), Israel (ITC), Namibia (NASRIA), Netherlands (NHT), Russia (RATIP), South Africa (SASRIA), Spain (CCS), Sri Lanka (NITF), the US (TRIP), and the UK (Pool Re). 

“IFTRIP is a unique organisation,” said RATIP chair Alexander Gulchenko. “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.”

RATIP, a national association of companies that provide services in the field of terrorism and sabotage risks insurance and reinsurance, was organised in 2001 by Russia’s largest insurers.

“Governments and the private sector, acting independently and in partnership, all have a responsibility to help mitigate the terrorist threat,” noted François Vilnet, chair of IFTRIP. “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.”