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Government seeks information from insurers regarding terrorism insurance program

March 14, 2016March 13, 2016 S.Vagus

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…

Terrorism insurance is becoming common among large businesses

December 23, 2015December 21, 2015 Marc

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…

Demand for terrorism insurance is on the rise

December 2, 2015December 1, 2015 S.Vagus

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…

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

January 12, 2015January 10, 2015 S.Vagus

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…

Terrorism insurance in the United States may not be gone forever

January 9, 2015January 8, 2015 Marc

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…