Thirteen Years Later: The Insurance Industry Remembers

September 11 insurance industry losses

Terrorist attacks cause major shift in the United States Thirteen years ago, the United States was rocked by a devastating terrorist attack that will live forever in infamy. September 11, 2001, will long be remembered as a day of mourning and serves as a constant reminder of the unpredictability of catastrophic events. The event  on 9/11 has changed the U.S. and continues to spur shifts within the insurance industry and the government. Every year, it is important to look back on the event and take note of how much has…

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Insurance industry campaigns to renew TRIA

terrorism insurance industry news 9/11 Memorial in 2004

Insurers are calling for the renewal of the Terrorism Risk Insurance Act The insurance industry has mobilized to support U.S. legislation that would renew the federal backstop for terrorism risk insurance. The endeavor has received the support of more than 400 trade groups that represent various types of businesses. The industry is urging federal lawmakers to approve a legislation that could have a major impact on terrorism insurance throughout the country. Insurers note that the terrorist attacks on 9/11 have fundamentally changed the way they manage risks within the U.S.…

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Terrorism insurance is running out on the Las Vegas Strip

las vegas strip terrorism insurance

The federal funds that were helping to insure the area against an attack could soon dry up. Time is starting to run out on the federal dollars that are currently playing a vital role in the terrorism insurance that is helping to cover the Las Vegas strip in the event that an attack should ever occur. Federal and Nevada senators have said that they are now working to renew the federal program. The Terrorism Risk Insurance Program Reauthorization Act gives the American government the ability to help to pay for…

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Terrorism insurance reinforcements will soon be expiring

terrorism insurance industry news 9/11 Memorial in 2004

Two competing renewal bills for the Act will soon be redefining the level of federal support for private insurers. As a result of a rash of damages and vandalism following the attacks on 9/11, terrorism insurance faced a total estimated loss of $32.5 billion, which caused insurers to start to create exclusions for the coverage for commercial properties across the country. Businesses struggled to be able to find coverage to protect themselves against financial losses from acts of terror. The concern from cities and states was that this lack of…

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Terror insurance coverage concerns felt by New York property owners

Terrorism Risk Insurance industry

The commercial real estate market in NYC is concerned about the upcoming expiry of the TRIA. New York City’s commercial real estate market is now facing worries about a threat that could shake its stability, when federal terror insurance reaches its expiry date in 2014. The Terrorism Risk Insurance Act was enacted in 2002 and uses taxpayer dollars to cover these disasters. The act was put into place the year following 9/11 and uses American taxpayer funds to provide protection for private insurers so that they can offer terror insurance…

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