In an effort to foster closer ties and greater collaboration between the world’s terrorism reinsurance entities, Pool Re has today announced the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP).
Francois Vilnet, vice president of GAREAT, will take the role of president of the IFTRIP, with a charter formalising the forum’s launch signed today in Canberra. Delegates from eight terrorism pools were on hand to commit their support to the organisation – and commitments from a further six pools that were not able to attend have also been received.
“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,” commented 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.
“Terrorism has become an international phenomenon which knows no borders. Tragic events have provided the catalyst for the creation of IFTRIP.
However, this organisation 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.”
The formation of the forum began at last year’s inaugural Congress for National Terrorism Reinsurance Pools Congress and Vilnet believes it marks a vital step.
“We are pleased that Gareat has been chosen by our peers to serve as the inaugural presidency of IFTRIP,” he said. “This will be a key step in starting the process of increased cooperation between terrorism pools. We are delighted that we will host the next Congress in Paris next summer.”
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