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, is setting up 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. Looking forward, this E-Platform will support 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 met at a conference hosted by the OECD in June 2010 to re-assess the state of terrorism insurance markets and promote renewed awareness of terrorism risks. At this meeting, the heads of terrorism insurance programmes 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 cooperation to better manage their programmes in the light of the global terrorism threat.
This platform will monitor 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.
5 December 2012, Paris, France
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DOCUMENTS AND LINKS
First Conference on Terrorism Risk Insurance, 1-2 June 2010, Paris, France
Terrorism Risk Insurance in OECD Countries, OECD (2005)
OECD International Network on the Financial Management of Large-scale Catastrophes
World Forum of Catastrophe Programmes