Climate change fuelling terror and extremism - Pool Re, IFTRIP and START launch new initiative

Climate-Change:-Pool-Re-SOLUTIONS,-IFTRIP-and-START-launch-initiative

Pool Re SOLUTIONS, IFTRIP and START partner on a global strategic initiative

This timely initiative is symbolic of the devastating and far-reaching impact of climate change. A new global partnership with the National Consortium for the Study of Terrorism and Responses to Terrorism (START) will focus on the impact of climate change on terrorism.

START, based at the University of Maryland in the US, with the cooperation of IFTRIP - the largest global terrorism pools forum - and Pool Re SOLUTIONS, will produce a series of rapid reports underlining the impact climate change is having on the drivers of terrorism, examining both the current and contemporary threats and global regional outlooks.

The research, which will be outcome focussed, will also provide possible actions and recommendations of how to mitigate this risk. These will be presented at the next International Forum of Terrorism Risk (Re) Insurance Pools (IFTRIP) meeting in Washington DC in May 2022.

The momentum for this project has been building for some time, and as world leaders meet in Glasgow to commence the UN Climate Change Conference, COP26, the three ways in which climate change and terrorism appear to interact are revealed as:

  • as an indirect contributor
  • as an ideological driver
  • as a tool with which to control populations

Terrorism poses significant implications for the insurance industry, governments and others interested in the issue of resilience, and it is hoped the study will be able to provide valuable data and analytics to measure and define the likely impacts of climate change on the terrorism landscape.

Bill Braniff, Director of the National Consortium for the Study of Terrorism and Responses to Terrorism (START) said: “Climate change will be the most impactful global issue of our time, and because negative outcomes are inevitable, it is critical that we invest now in a dedicated research agenda to help governments, the private sector and communities to direct resources effectively to treat, transfer or terminate risks. This study represents a critical and pragmatic contribution focused on implications for human and economic security.  In truth, we are already observing violence, criminality, and terrorism brought about directly and indirectly by climate change; this study will therefore serve as a call to action on an urgent issue.”

Julian Enoizi, Pool Re CEO and IFTRIP Secretariat, said: “We are delighted to partner with START, who already hold a distinguished reputation in the field of terrorism research. Pool Re is pleased to promote this as one of the initiatives to highlight and provide a better understanding of the challenges and opportunities the industry is facing. The threats and risks connected to climate change cannot simply be measured by natural disasters or extreme weather events. Climate change is causing poverty, destabilisation and mass migration on an unprecedented scale, all of which could lead to some serious challenges as regards terrorism if we don’t tackle climate change.”

Authored by Pool Re

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About Pool Re

Pool Re’s purpose is to enable the UK insurance market to offer terrorism cover to any commercial property that requires it. Central to this is the integration of Pool Re’s cover with the underlying property policy which ensures that there is no gap in the cover provided.

Pool Re was designed to insulate the taxpayer from potential financial losses arising from acts of terrorism. It has achieved this effectively, to date paying £635m in respect of 13 claims arising from certified terrorism events in the UK since our establishment. It has never called on the Government’s guarantee.

By providing foundational stability at a reinsurance level, Pool Re has created an environment for the commercial market to re-establish itself, following the market failure in 1992. This stability creates and sustains access, liquidity and confidence to generate the conditions for the private market to gradually write a growing portion of terrorism risk.

Helping UK businesses build resilience against terrorism risk is a priority for Pool Re who have developed SOLUTIONS an in-house centre of excellence created to support Members and policyholders better understand risk awareness, modelling, and management. They have also invested in a range of initiatives with Government security and intelligence agencies to provide tools such as an information sharing platform.

 

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