October 11, 2016 by Canadian Underwriter
Pool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday 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, aimed at fostering closer ties and allowing for greater collaboration between the world’s terrorism (re)insurance entities, Pool Re explained in a press release.
Francois Vilnet, vice president of GAREAT, has been appointed as the president of IFTRIP, a role which will rotate between the membership on an annual basis, Pool Re said. According to its website, GAREAT is the Gestion de l’Assurance et de la Réassurance des risques Attentats et actes de Terrorisme, which manages the reinsurance of the risks of attacks and acts of terrorism in France “in the name and on behalf of its members so as to allow them to meet the property damage losses arising out of ‘attacks’ and acts of terrorism suffered on national territory, regardless of the country in which the act of terrorism is perpetrated.” GAREAT’s members are French or foreign insurance companies which issue property damage policies covering risks situated on French territory.
On Monday, a charter formalizing the launch of IFTRIP was signed at the 2nd Annual Global Terrorism Risk Insurance Congress, hosted by the Australian Reinsurance Pool Corporation 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, the release added.
Julian Enoizi, chief executive of Pool Re, said that the launch of IFTRIP represents the culmination of nearly two years of work from the both Pool Re team and colleagues from pools across the world. “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,” Enoizi said in the release. “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.”