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Terrorism reinsurance

TRIPRA expiration could cause “domino effect” of price rises: Marsh CEO

17th October 2019

John Doyle, President and CEO at Marsh, has warned that a failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could cause a “domino effect” of price increases across multiple re/insurance lines. Doyle recently testified before the United States House Committee on Financial Services to advocate for a timely ... Read the full article

Joint cyber terrorism task force launched by IFTRIP & Geneva Association

10th October 2019

The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has collaborated with the Geneva Association (GA) on the launch of a joint task force on cyber terrorism and cyber warfare. The launch of this new task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. The initial findings ... Read the full article

Gov’s contribution to insured losses under TRIA would decline over time, says report

8th October 2019

If the September 11th, 2001 attacks on the World Trade Centre were to happen today, the implementation of the Terrorism Risk Insurance Act (TRIA) would see the government's net payout fall below zero, according to the Insurance Information Institute (Triple-I). Analysis by Triple-I, which leverages data and analysis from the Reinsurance ... Read the full article

Terrorism Risk Act uncertainty driving reinsurance demand, says RAA President

7th October 2019

Uncertainty over the reauthorisation of the Terrorism Risk Insurance Act (TRIA) in the US is increasing the demand for terrorism reinsurance coverage, according to Frank Nutter, President of the Reinsurance Association of America (RAA). Speaking at the US Treasury's Advisory Committee on Risk-Sharing Mechanisms (ACRSM), Nutter observed that the reinsurance market ... Read the full article

Re/insurers appeal for extension to “vital” terrorism insurance act

17th September 2019

A coalition of insurers and reinsurers have penned a letter to members of the US Congress, urging them to pass a long-term reauthorisation of the Terrorism Risk Insurance Act (TRIA), which is currently set to expire at the end of 2020. The appeal described the act as a “vital public-private risk ... Read the full article

Tech, analytics can address terror, political violence risk challenges: Guy Carpenter

10th September 2019

Guy Carpenter, the reinsurance arm of Marsh, has underlined the important role technology and analytics play in addressing challenges across the terrorism risk landscape. The reinsurance broker argues that terrorism, political violence and other malicious acts are both dynamic and adaptive, with human intent driving profitability while also willing the impacts ... Read the full article

Mass shooting attacks expose re/insurance coverage gap: A.M. Best

26th July 2019

The recent increase in mass shooting attacks in the US have highlighted a distinct lack of re/insurance coverage for violent events of this nature, according to A.M. Best. The rating agency noted that insurers have begun to respond to rising demand for active assailant insurance coverage, which carries unique features over ... Read the full article

Pool Re secures £40m NDBI retro cover

8th July 2019

UK government-backed terrorism reinsurer Pool Re has successfully placed a retrocession program covering non-damage business interruption (NDBI) losses, effective July 5th. This previously-announced move is a response to the increase of risk shouldered by Pool Re following parliamentary approval in February enabling the organisation to cover NDBI losses incurred ... Read the full article

ARPC found to be effective at managing terrorism scheme

3rd July 2019

Australian Reinsurance Pool Corporation has been found by the national auditor for the Australian Government, the Australian National Audit Office (ANAO), to be effective in managing its terrorism reinsurance scheme. The report found that the ARPC has effective processes for reviewing and collecting premiums, as well as assessing whether the scheme’s ... Read the full article

Australia opts to leave cyber cover out of Terrorism Insurance Act

21st June 2019

Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article

MMC urges U.S Senate to renew terrorism risk insurance act

19th June 2019

Tarique Nageer, Property Terrorism Placement and Advisory Leader at Marsh, a Marsh & McLennan firm, has testified before a U.S Senate Committee to highlight the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). Nageer urged members of the Committee on Banking, Housing and Urban Affairs to renew the Act, ... Read the full article

Pool Re seeking up to £50m NDBI retro cover

12th June 2019

UK government-backed terrorism reinsurer Pool Re is looking to secure a retrocession placement for July 1 of between £40 million and £50 million. This is in response to an increase of risk shouldered by Pool Re following parliamentary approval in February that enabled it to cover non-damage business interruption (NDBI) ... Read the full article

Only 19% of UK firms have terrorism insurance, Pool Re finds

3rd June 2019

A new report commissioned by the UK’s government-backed mutual terrorism reinsurer Pool Re has found that only 19% of UK firms have a terrorism insurance policy in place, a figure which the company says indicates a widespread lack of attack contingency planning among the country’s businesses. The uptake of Small to ... Read the full article

A.M. Best warns P&C insurers of rating downgrades ahead of TRIPRA expiration

14th May 2019

Rating agency A.M. Best has warned U.S property and casualty (P&C) insurers with exposure to terrorism risk that they could face potential rating downgrades if the Terrorism Risk Insurance Program Reathorization Act (TRIPRA) of 2015 is left to expire in 2020. The Act provides a federal backstop to insurers to help ... Read the full article

Sri Lanka terror attacks investigated for possible designation by PCS

25th April 2019

Property Claim Services (PCS) is investigating the potential insurance and reinsurance industry loss from the recent terrorist attacks in Sri Lanka, to identify whether the event should be designated under its PCS Global Terror product. PCS launched its Global Terror loss aggregation service in early 2018, since when no qualifying ... Read the full article

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