NEWARK, Calif. - October 03, 2016 RMS, the world’s leading catastrophe management firm, today announced its speakers for the 2016 Global Terrorism Risk Insurance Conference hosted by the Australian Reinsurance Pool Corporation (ARPC) in collaboration with the Organisation for Economic Co-operation and Development (OECD). The conference focuses on new and existing terrorism threats and how the insurance industry and global terrorism risk programs can respond to them.
RMS Chief Research Officer, Dr. Robert Muir-Wood will open the conference as the senior OECD representative* present and will also moderate the session “What can terrorism risk schemes and insurers learn from modeling?” Later in the conference, which will be held in Canberra’s Parliament House,
RMS catastrophist Dr. Gordon Woo will address the audience on the subject of terrorist targeting as well as moderating panel sessions on the latest terrorism research.
Dr. Woo, the chief architect of the RMS terrorism risk model, said:
“When the modeling of terrorism risk started soon after 9/11, insurers were wary of covering a catastrophe risk for which there was so little relevant past experience. So the challenge for RMS was to develop innovative modeling concepts to allow the risk of terrorism to be analyzed and quantified. Fifteen years on from the attacks on New York and Washington, confidence in this modeling is building and the growing importance of terrorism insurance is recognized by this major OECD-ARPC conference being held, for the first time, in a national parliament building.”
Following the terrorist attacks in September 2001, there was a global withdrawal of terrorism insurance. This was of particular concern to the commercial property sector – and governments internationally feared a reduction in financing and investment. This forced the U.S. government, for example, to step in and provide a backstop through the Terrorism Risk and Insurance Act. The Australian government also set up the ARPC, which is hosting next month’s conference, under similar legislation.
Other speakers at the event will include counter-terrorism officials, leading (re)insurance executives, senior police officers, and government ministers.
Notes for Editors
*Robert Muir-Wood is Vice Chair of the OECD High Level Advisory Board on the Financial Management of Large-scale Catastrophe Risks.
The two-day conference starts October 6, 2016. More information can be found here.