AIR Updates Terrorism Insurance Model for U.S.
Catastrophe risk modeling firm AIR Worldwide (AIR) has updated its terrorism model for the United States to reflect less frequent and lower-severity attacks based on a reassessment of the threat by a...
View ArticleA Future Without the Terrorism Insurance Backstop?
The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of...
View ArticleQ&A: Congressional Politics and Prospects for Terrorism Insurance Renewal
The Terrorism Risk Insurance Act, which was initially enacted in 2002, and amended by the Terrorism Risk Insurance Revision and Extension Act of 2005 and the Terrorism Risk Insurance Program...
View ArticleExperts Weigh Boston Bombings’ Impact on Government-Backed Terrorism Insurance
The April 15 Boston bombings could have an impact on the efforts to renew the federal government’s terrorism insurance backstop. Some experts say the Boston Marathon tragedy could help the cause of...
View ArticleDemand, Rates for Terrorism Insurance Coverage Remain Steady: Marsh
The recent bombing at the Boston Marathon serves as a reminder that mass violence remains a critical threat for organizations, say experts at insurance brokerage Marsh, which just issued its latest...
View ArticleBusiness Frets at Terrorism Tag of Marathon Attack
President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the...
View ArticleGroup Applauds New York Assembly for Resolution Urging TRIA Extension
An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend...
View ArticleIndustry Told TRIA Won’t Be Renewed Until 2014
The property/casualty insurance industry should not count on Congress reauthorizing the federal terrorism reinsurance program this year or in time for January renewals, according to a key insurance...
View ArticleOn 9/11 Anniversary, a Call to Renew Federal Terrorism Insurance
On today’s anniversary of the 9/11 terrorist attack against the United States, the Insurance Institute for Business & Home Safety (IBHS) joined with citizens across the country in remembering those...
View ArticleMass. Regulator Offers Update on Industry Developments, Boston Bombing Claims
Massachusetts’ top insurance regulator recently spoke about the state of the insurance industry in Massachusetts, with topics ranging from the auto insurance marketplace and the Biggert-Waters Flood...
View ArticleP/C Insurance Executives Expect Flood Insurance Delay, TRIA Renewal, Industry...
A survey conducted at the Insurance Information Institute’s Property/Casualty Insurance Joint Industry Forum in New York Tuesday asked industry leaders for their outlook on 12 topics — ranging from the...
View ArticleCalifornia Coalition Urges Legislature to Call for TRIA Extension
A coalition of tourism entities, commercial property owners and insurers are calling on state legislators to support a resolution urging Congress to extend the Terrorism Risk Insurance Act. AJR 34,...
View ArticleN.Y. Sen.: TRIA Renewal Vital for Economic Development in Cities Across Country
The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y.,...
View Article3 Reasons Congress Should Renew TRIA
U.S. insurance markets, like the rest of the nation, were caught off guard by the Sept.11, 2001 terrorist attacks. Loss of life and property led to an estimated $32.5 billion dollars in insured losses...
View ArticleTreasury Hasn’t Determined Boston Bombing Was ‘Act of Terrorism’ Under TRIA
A U.S. Treasury Department spokesperson last week provided a statement to Boston news outlets that said “The Secretary has not determined that there has been an ‘act of terrorism’ under the Terrorism...
View ArticleHouse Passes TRIA Renewal With Higher Government Trigger, Insurers’ Co-Pay
The U.S. House voted Dec. 10 to extend by six years a federal backstop for insurers offering coverage against terrorism, advancing efforts to retain a program created in response to the attacks of...
View ArticleWith TRIA Renewal Efforts Killed, Some Predict Market Chaos
Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015,...
View ArticleConn. Regulator: TRIA Renewal Must Be a Top Priority for New Congress
Connecticut’s deputy insurance commissioner sent a letter to the state’s Congressional delegates last week, asking that the delegation impress upon its leadership in the House and Senate the urgency...
View ArticleNew York Regulator Surveying Insurers on TRIA Risk
New York’s Financial Services Superintendent Benjamin Lawsky has directed insurers that are licensed to write commercial property or liability business lines in the state to submit information on how...
View ArticleConnecticut Gov. Malloy Lauds Congressional Passage of TRIA
Connecticut Governor Dannel P. Malloy issued a statement praising the Congressional approval for a six-year extension of the federal government’s Terrorism Risk Insurance Act (TRIA). “This...
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