Demand for terrorism insurance is on the rise

Terrorism Risk 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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Lawmakers may extend federal terrorism insurance initiative

terrorism insurance law

U.S. lawmakers are expected to extend the Terrorism Risk Insurance Act Federal lawmakers in the U.S. claim that the country’s terrorism insurance backstop initiative will be renewed. The Terrorism Risk Insurance Act was enacted in 2002, created in the wake of the 9/11 attacks in the U.S. The initiative is meant to provide insurance companies with a financial backstop for claims that are related to acts of terrorism. The law was also meant to create a transparent system through which information concerning compensation for insured losses was shared with the…

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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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