Australian Reinsurance Pool Corporation has joined the International Forum of Terrorism Risk (Re) Insurance Pools (IFTRIP), which is a new Forum established to promote greater collaboration between the world’s terrorism reinsurance pools.
A charter formalising the launch of IFTRIP was signed at the ARPC-OECD Global Terrorism Risk Insurance Conference last week in Canberra, with delegates from eight terrorism pools committing support to the Forum. Commitment from a further six pools unable to attend the conference had already been received. Pools joining the Forum as members include Pool Re United Kingdom and GAREAT, France, amongst other members
Dr Christopher Wallace, ARPC Chief Executive, says the Forum will allow terrorism reinsurance pools to meet regularly and share their experiences, ideas and best practice for the benefit of all stakeholders.
“It is important that we collaborate with other terrorism reinsurance pools which share our vision of the vital role pools play in underpinning economic resilience. I also hope the Forum can be part of a more robust international response to the evolving terrorism threat,” Dr Wallace says.
Julian Enoizi, Pool Re Chief Executive, says: “The launch of the International Forum of Terrorism Risk (Re) Insurance Pools is a defining moment for international collaboration between national terrorism pools and offers the potential to alter how the insurance industry protects against, and responds to, acts of terrorism across the globe”.
Francois Vilnet, Vice President of GAREAT, the French terrorism pool, has been appointed as the president of IFTRIP, a role which will rotate between members on an annual basis.
For media enquiries, please contact Dr Christopher Wallace, ARPC Chief Executive, on +61 2 8223-6777.
About Australian Reinsurance Pool Corporation:
ARPC is a public financial corporation established by the Terrorism Insurance Act 2003 to administer the terrorism reinsurance scheme, providing primary insurers with reinsurance for commercial property and associated business interruption losses arising from a declared terrorist incident.