The International Forum of Terrorism Risk Re/Insurance Pools and the Geneva Association are launching a joint task force on cyber terrorism and cyber warfare.

Led by GA cyber director, Rachel Anne Carter and supported by Julian Enoizi, CEO of Pool Re and Dr Christopher Wallace, CEO of Australian Reinsurance Pool Corporation and President of IFTRIP, the alliance will specifically conduct research on the impact of cyber terrorism risks on the re/insurance industry.

Carter said that a greater understanding of cyber terrorism risks will help the insurance industry to promote sustainable underwriting, and to properly assess potential exposures. “IFTRIP has unparalleled knowledge on the development of terrorism or warfare into the cyber domain. We are excited to work closely with the IFTRIP team, using their expertise to help the industry make better informed decisions,” she said.

Enoizi added: “In today’s rapidly evolving cyber terrorism landscape, it is crucial to understand what the private insurance market can cover on a commercial basis, as well as areas where appetite is limited or that pose an aggregate risk too large for the industry. The GA and IFTRIP task force is a great opportunity for the insurance industry to work with pools, to share perspectives and to promote better understanding of risks.”

The launch of the task force was announced at the IFTRIP 2019 International Conference in Belgium this week. Its initial findings are expected to be published mid-2020.

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