The American Insurance Association (AIA) has joined the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC), a network of 27 trade associations and private firms that represents thousands of financial services organizations. The FSSCC was formed in 2002 under a presidential homeland security directive to coordinate the private sector's preparation for events that could disrupt the normal business of the financial services sector, such as terrorism, natural disasters or cyber attacks.
"The FSSCC has a very close relationship with the U.S. Department of Treasury for the financial services sector infrastructure protection," says Crystal Bueno, FSSCC spokeswoman. "The AIA was asked to join for the specialty expertise that they bring with coordination between public and private sectors," she adds. The Washington, D.C-based AIA represents more than 400 major P&C insurance companies with more than $120 billion in combined annual premium.
Members of the FSSCC share information about potential threats, according to Eric Goldberg, assistant general counsel, AIA. The AIA offers "a great deal of capability in business continuity planning and recovery efforts," he explains. Most of the participants in FSSCC represent the banking and investment industries, such as the American Bankers Association, so "It makes sense for AIA to be at the table," continues Goldberg. In FSSCC, "We are sole representation of the P&C industry, which alone insures all of the other sectors of the economy," he adds.
"In our role, we have some unique knowledge about loss control and, more importantly, prevention, and hope to work with FSSCC to help make sure a loss won't happen," says Goldberg.