Government seeks information from insurers regarding terrorism insurance program

commercial business owner industry machine terrorism insurance

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 program overdependence not recommended by A.M. Best

Terrorism Insurance

The rating agency has said that this tendency could lead to a considerable problem in the United States. A.M. Best, the large rating agency, has provided insurers with a bold recommendation, which is not to build an overreliance on whether or not there is a reauthorization of the terrorism insurance program in the United States. The future of that program remains up in the air and A.M. Best feels that it is wiser not to completely rely on it. The agency feels that insurers should not count on the Terrorism…

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