ABIR to participate in international terrorism risk conference Bermuda market now backs nearly a third of UK terrorism risk
Hamilton, Bermuda (April 28, 2022)— The Association of Bermuda Insurers and Reinsurers (ABIR) will participate in the International Forum of Terrorism Risk Pools (IFTRIP) Annual Conference next month.
Themed ‘ReCODE’, the event will stream virtually on May 10, and will bring together thought leaders from international terrorism reinsurance pools, re/insurers, public agencies, academia and the risk and security professions, for the exchange of expertise and ideas on combating potential economic loss resulting from terrorism risk.
ABIR member companies are substantial suppliers of terrorism risk coverage to businesses, governments and communities around the world. For example, Bermuda re/insurers supply 32%, or £770 million (US$975 million) of terrorism retrocession capacity to Pool Re, the UK’s terrorism and systemic risk reinsurer.
John Huff, President and Chief Executive Officer of ABIR, will moderate an expert panel on international terrorism at the IFTRIP Conference, titled ‘Where Does the Buck Stop?’ The discussion will explore the role of re/insurers in risk mitigation and how well-written policies can encourage risk-reduction investments and preventative behaviours among insureds.
Joining Huff on the panel will be Paula Jarzabkowski, Professor of Strategic Management at University of Queensland Business School, Australia, and Bayes Business School, UK; Leigh Wolfrom, Policy Analyst, OECD; Jason Schupp, Founder and Managing Member of Centers for Better Insurance (CBI); and Dr. Jeffrey D. Stern, Superintendent (FEMA), Emergency Management Institute (US). The 45-minute panel will start at 11.45am, EST and will be followed by a 30-minute live audience Q&A session.
The conference features high-profile leaders, including keynote speakers Kenneth Feinberg, former Special Master of the 9/11 Victim Compensation Fund. Three other expert panels will explore ‘The Pooling Debate in the Wake of COVID’, ‘Climate Change: Fueling Terror and Extremism’ and ‘The Protection Gap’.
“ABIR members are pleased to support the IFTRIP Annual Conference,” Huff said. “Helping the world to manage large and complex hazards, such as terrorism, cyber and climate risk is our business.
“Bermuda re/insurers play a leading role in protecting British taxpayers from terrorism-related economic losses, providing nearly one-third of Pool Re’s capacity. With our industry-leading talent base, the Bermuda market has the risk analytics skillset and aggregation capabilities not only to insure terrorism risk, but also to play a role in mitigation — and that is one of the topics we will be discussing in the ABIR-sponsored panel.”
Pool Re, which operates with a government guarantee, for which it pays a fee, exists to insulate British taxpayers from terrorism losses and to provide the market support to enable a commercial terrorism insurance market to grow.
Julian Enoizi, Pool Re’s Outgoing CEO, thanked Bermuda re/insurers for their support in his speech at the Bermuda Risk Summit in March. “Your participation in the £2.5 billion that we managed to put into the re/insurance marketplace is £770 million, so a significant share of this journey,” Enoizi said. “You have come and put capital at risk in London to protect the UK taxpayer from loss.”
As an online event the IFTRIP Annual Conference is open to delegates worldwide. To learn more and to register, visit https://iftrip.org/iftrip-conference-2022/#1649154527698-119d6636-e89b
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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR) represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.
About IFTRIP: As the only forum of its kind in the world, the aim of the International Forum of Terrorism Risk Pools (IFTRIP) is to support initiatives for closer international collaboration between sovereign-backed terrorism reinsurance pools. Its annual conference provides a platform for the exchange of experience in mitigation and capacity building against economic loss resulting from terrorism. IFTRIP also coordinates and contributes to international and cross-sectoral working groups on a variety of topical issues, from cyber terrorism to nuclear pool coverage. For more information, visit https://iftrip.org.