Pool Re, the state-backed UK reinsurer that covers terrorism related commercial property losses, announced the launch of the International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP).
The formation of IFTRIP is the culmination of a Pool Re led initiative, which began at last year’s inaugural Congress for National Terrorism Re/Insurance Pools Congress.
In a statement, Pool Re said the initiative is aimed at fostering closer ties and allowing for greater collaboration between the world’s terrorism re/insurance entities.
Francois Vilnet, vice president of GAREAT, the French market terrorism pool, has been appointed as the president of IFTRIP, a role which will rotate between the membership on an annual basis.
A charter formalizing the launch of IFTRIP was signed today at the 2nd Annual Global Terrorism Risk Insurance Congress, hosted by the Australian Reinsurance Pool Corp. (ARPC) in Canberra, with delegates from eight terrorism pools committing the support to the organization.
Commitment from a further six pools unable to attend the conference in person, has already been received, Pool Re said.
“The launch of the International Forum of Terrorism Risk Re/Insurance Pools represents the culmination of nearly two years of work from the both Pool Re team and our colleagues from pools across the world,” said Julian Enoizi, chief executive of Pool Re.
“It is a defining moment for international collaboration between national terrorism pools and represents a new departure which offers the potential to alter how the insurance industry protects against, and responds to, acts of terrorism across the globe,” he added.
Terrorism has become an international phenomenon which knows no borders. Tragic events have provided the catalyst for the creation of IFTRIP,” Enoizi went on to say.
However, this organization can be part of a more robust international response to this grave and evolving threat. I am truly proud that we have been able to come together as an international community with a shared vision of the role in which reinsurance pools can play in better protecting our nations’ economies.”
Vilnet from GAREAT said: “We are pleased that Gareat has been chosen by our peers to serve as the inaugural presidency of IFTRIP. This will be a key step in starting the process of increased cooperation between terrorism pools.”
Source: Pool Re
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