IFTRIP Livestream shares lessons on systemic risk globally
Last week the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) held its first online conference
IFTRIP Livestream last week (October 13-15) connected professionals involved in the field of terrorism risk to an unparalleled set of speakers and leaders. IFTRIP membership covers 17 pools from 15 countries and this gives a tremendous breadth of experience in handling the terrorism peril.
With more than 800 attendees, this year’s conference was the largest gathering of international terrorism reinsurance pools, insurers, reinsurers, security specialists, academics and thought leaders in the industry.
Live panel sessions and Q&As were supported by on-demand seminars: all of these are available to view on the WEBSITE for the next seven days.
New and emerging threats in the terrorism landscape, including the emerging CBRN threat, the changing nature of terrorism, the insurability of hostile cyber and the long and short term impacts of covid19 were covered in a highly topical first day.
Throughout the conference the expert panels covered issues as diverse as coverage gaps and how to fill them, social media-driven unrest, the critical part that modelling has to play, and campaigning for victim compensation.
Unsurprisingly, the topic of systemic risk in the 2020s – both terrorism and beyond – and the need for resilience was a key area of discussion. This was the first time the conference had looked broadly at systemic risk and it was clear that there are many lessons that pools can learn from each other, but also how relevant it is to look beyond the pools to organisations such as the California Earthquake Authority – the second largest buyer of reinsurance in the world – that also has recently become responsible for managing wildfire peril in that state. Information sharing, transparency and trust were topics that arose across the whole conference.
Julian Enoizi, Secretariat of IFTRIP and CEO of Pool Re, commented: “This has been an amazing conference. Moving to this format has meant that we were able to welcome a far broader pool of delegates and speakers than in previous years, moving the debate forward from earlier gatherings, and it has been a tremendous success.
“The quality and calibre of speakers has been unparalleled, with well-known (re)insurance names such as John Doyle, Greg Case, and Stephen Catlin joined by those from the world of politics and security such as Amber Rudd, Brendan Cox, Nick Aldworth, Paddy McGuinness and many others. We are immensely grateful to all our speakers, panellists and participants.”
Authored by IFTRIP
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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