10 September 2014 - Washington D.C.
Ensuring fast economic recovery in the event of a major terrorist attack is critical, and insurance plays a central role in this respect. The OECD, in conjunction with the World Forum of Catastrophe Programmes, has created an international terrorism risk insurance E-platform.
The E-platform seeks to elucidate the evolution of terrorism risk and resultant financial protective measures by tracking the current terrorism insurance market and regulatory trends. This E-Platform supports national efforts, international exchange of information and the identification of good practices to enhance economic and financial resilience to terrorism.
Specialists in terrorism insurance and disaster management meeting at the first International Meeting on Terrorism Risk Insurance in 2010 decided to establish of a permanent international platform on the financial coverage of terrorism risk. They agreed that those in charge of terrorism risk insurance would benefit from international co-operation to better manage their programmes in the light of the global terrorism threat.
This platform monitors the evolution of national terrorism insurance programmes, the degree of government involvement, provides detailed analyses of private (re-)insurance market trends and allows closer collaboration on economic responses to terrorism. It also fosters the development of best practices on financial prevention, mitigation and compensation of terrorism risk to ensure fast economic recovery in the event of another attack.
This platform is managed by the High Level Advisory Board of the OECD International Network on the Financial Management of Large-scale Catastrophes.
DOCUMENTS AND LINKS
OECD Insights blog: Zealots, assassins and insurance companies
Financial Management of Large-scale Catastrophes (2008)
Terrorism Risk Insurance in OECD Countries (2005)
Catastrophic Risks and Insurance (2005)
Environmental risks and insurance (2003)
Insurance and Expanding Systemic Risks (2003)
World Forum of Catastrophe Programmes
2nd International Meeting on Terrorism Risk Insurance, 2012
1st International Meeting on Terrorism Risk Insurance, 2010
Conference on Catastrophic Risks and Insurance, 2004