Travel insurance trends head toward protecting travelers from terrorism losses

travel insurance trends - phone security check

Interest in these coverage products has been on the rise due to a growing number of global events. Leading travel insurance trends aren’t just focused on hurricanes and illness anymore. A considerable number of traveler inquiries are now seeking to make certain that they are protected against losses from terrorism, too. This shift in the market has been greatly driven by the rise in terrorist attacks happening in popular travel destinations. Travelers feeling a growing concern about the way terrorism could affect their plans and are requesting information and are…

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Government seeks information from insurers regarding terrorism insurance program

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Federal government is requesting that insurers submit data concerning the Terrorism Risk Insurance Program The U.S. federal government is requesting information from insurers participating in the Terrorism Risk Insurance Program. The insurance program was established in the wake of the 9/11 terrorist attacks in 2001 and was reauthorized in 2015 through 2020. The program is meant to serve as a financial backstop for insurers, allowing them to effectively mitigate the risks associated with acts of terrorism. While such acts are quite rare in the United States, insurers still face certain…

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Terrorism insurance is becoming common among large businesses

Texas Terrorism Insurance news

Major businesses are now beginning to embrace terrorism insurance more aggressively Terrorism insurance is becoming more common for businesses. Terrorist attacks are becoming more common, which is beginning to cause worry for businesses that could be caught in such events. Now, six in 10 major businesses now have terrorism insurance coverage. Jeremi Suri, chair of Leadership in Global Affairs, notes that businesses see paying for terrorism insurance as an adequate way to hedge risks. While it is still unlikely for most businesses to experience a terrorist attack, being prepared for…

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Demand for terrorism insurance is on the rise

Terrorism Insurance industry

Paris attacks highlight the potential value of adequate insurance coverage In the wake of the November 13 attacks in Paris, France, the demand for terrorism insurance may grow. Several businesses have struggled to recover following the attack, which left Paris in a state of emergency, and these businesses may be able to find some solace through the claims they issue to their insurance providers. They may also find some support through a special state-backed fund that was established in France in 2011. Terrorist attacks are becoming a major concern for…

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Insurance industry wins a victory with the renewal of the Terrorism Risk Insurance Act

Insurance industry news Lawsuit

House and Senate vote to renew the Terrorism Risk Insurance Act Both the U.S. House of Representatives and Senate have approved the renewal of the Terrorism Risk Insurance Act. The legislation’s renewal was a fast-tracked through the House, making its way to the Senate, where it received majority support. The legislation is now awaiting President Barack Obama’s signature, which is expected to be given within the coming days. The President’s signature will enact the legislation, reinstituting the federal backstop that the insurance industry has been relying on. Insurers will again…

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Terrorism insurance in the United States may not be gone forever

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Terrorism insurance legislation may see new life, thanks to federal lawmakers At the end of 2014, the Terrorism Risk Insurance Act was allowed to expire. This meant that many insurance companies that offered coverage across numerous industries no longer had access to the financial aid offered by the federal government. This aid was meant provide a safety net for the insurance industry and its dealings with acts of terrorism. Because terrorist attacks can be quite costly, the insurance industry had warned that allowing the Terrorism Risk Insurance Act to expire…

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Insurance news story develops from Sony’s “The Interview”

The Interview - Sony - Insurance News

The entertainment giant could find itself struggling to cover the cost of the massive losses from its film. Although large corporations like Sony need to purchase coverage in order to be able to protect themselves against a tremendous range of different types of risks, an insurance news story is one of the many developing issues resulting from the cancellation of the release of the film called “The Interview.” It has been reported that Sony stands to lose about $100 million as a result of the movie’s cancellation. Sony decided not…

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Expiration of Terrorism Risk Insurance Act could bode ill for the insurance industry

Terrorism Insurance industry

Federal backstop will no longer be available for insurers and businesses The Terrorism Risk Insurance Act is set to expire at the end of the year following the blocking of a legislation that would have extended its lifetime. The U.S. Senate has failed to reach an agreement concerning the legislation, with lawmakers unable to reach a vote before the end of the Congressional legislative session. Because no solution was found for the issue, the federal backstop that the government had provided to the insurance industry will no longer be available…

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US House votes to extend terrorism insurance law

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Insurers may benefit from extension of terrorism insurance initiative The U.S. House of Representatives has voted to extend the Terrorism Risk Insurance Act by another six years. The law went into effect in 2002 and has established a federal backstop that provides financial assistance for insurers offering coverage against acts of terrorism. The law has played a major role in ensuring that various industrial and commercial projects have the coverage they need to take form. Over the past year, the law has been the subject of legislative debate, with some…

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Compromise on terrorism insurance in the US may be near

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Federal negotiators may soon reach a fair compromise on the country’s federal insurance backstop Terrorism insurance in the United States may be in jeopardy. In 2002, the Terrorism Risk Insurance Act was passed, creating a federal backstop for insurance claims generated by acts of terrorism in the country. The legislation was meant to provide a transparent system, which allowed insured losses to be shared by both the public and private sectors. The federal backstop has been in contention for some time, as lawmakers have become unconvinced that it is still…

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