1-2 June 2010 - OECD Conference Centre, Paris, France
Ensuring fast economic recovery in the event of a major terrorist attack is critical, and insurance plays a central role in this respect. Following the events of September 2001, the OECD had developed extensive work on the issue of the financial management of terrorism risk. A large conference on terrorism and other large-scale risks, gathering top decision makers and experts in the field, was organised in 2004. The resulting conference proceedings "Catastrophic Risks and Insurance" and the 2005 report on “Terrorism Risk Insurance in OECD Countries” attracted considerable attention.
Five years later, the aim of this conference was to review the current status of terrorism risk insurance programs established in 11 OECD countries as well as terrorism (re)insurance market trends, provide some insights on whether insurance solutions can be viewed as adequate as compared to the level and characteristics of terrorism risk, and learn from best practices.
The Conference on Terrorism Risk Insurance was organised under the aegis of the OECD International Network on the Financial Management of Large-Scale Catastrophes in association with the Australian Reinsurance Pool Corporation (ARPC). It gathered more than one hundred experts, among whom the heads of all the terrorism insurance programs set up in OECD countries, as well as in Israel and in Russia, renowned experts in disaster management from the public sector and the industry (insurers, reinsurers, risk modeling firms) and leading research institutions.
The conference was opened by Richard Boucher, Deputy Secretary-General of the OECD. It was sponsored by the ARPC, Guy Carpenter and RMS. The main outcome of the conference was the creation of an OECD International Platform on Terrorism Insurance.
Terrorism in 2010: An Outlook
Chair: Robert Muir-Wood, Chief Research Officer, Risk Management Solutions
Main features of the terrorism risk in 2010
Keynote speaker: Jean-Louis Bruguière, Former leading investigating magistrate in charge of counter-terrorism.
Recent progress in terrorism risk modelling
Terrorism Risk Insurance Markets: Where do we stand?
Chair: Paul Kleindorfer, Distinguished Research Professor, INSEAD
Terrorism insurance programmes: overview, recent evolution, challenges
Creating terrorism pools today: experience from Belgium and Denmark
Market trends: evolution of demand, take-up rates, premiums, type of contracts, extent of coverage, exclusions
Chair: Paul Allison, Principal, Chief Operating Officer, Australia and New Zealand, Guy Carpenter
A Focus on Terrorism Risk Reinsurance
Rationale, modalities, evolution of public reinsurance
Chair : Adrian Blundell-Wignal, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD; Special Advisor to the Secretary-General for Financial Markets
Commercial reinsurance: market trends, future prospects, alternatives
Chair: Werner Bugl, Director Business Development, Asia Capital Reinsurance Group