WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has announced a new partnership with the National Science Foundation (NSF) aimed at enhancing the insurance sector's capabilities in handling terrorism and catastrophic cyber risks. This collaboration was unveiled during the 2024 International Forum of Terrorism Risk (Re)Insurance Pools Annual Conference, where FIO also assumed the role of the chair of IFTRIP.
The establishment of a new Industry-University Cooperative Research Center (IUCRC) is at the core of this partnership. Through the IUCRC, university faculty and students will work alongside industry experts to conduct cutting-edge research tailored to the needs of the insurance sector. This initiative seeks to bolster the U.S. financial system's resilience by improving risk estimation, insurance pricing, coverage, and policyholder uptake related to terrorism and catastrophic cyber risks.
In a statement, FIO highlighted that the collaboration with NSF and other stakeholders aims to support the expansion of reinsurance and capital markets to address these risks effectively. Additionally, the research conducted through the IUCRC will also influence the treatment of terrorism and catastrophic cyber risks within government programs.
Interested parties can access FIO and the NSF’s request for research proposals to contribute to this crucial research initiative.
