Reinsurance News

Terrorism reinsurance

IFTRIP highlights divergent views on cyber terrorism across commercial market

11th November 2019

Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article

TRIPRA uncertainty may impact re/insurance availability: Metropoulos, Guy Carpenter

21st October 2019

Uncertainty regarding the future of the US Terrorism Risk Insurance Protection and Reauthorization Act (TRIPRA) may impact the “nature and availability" of re/insurance coverage, according to Emil Metropoulos, Terrorism Center of Excellence Practice Leader at Guy Carpenter. Metropoulos does not foresee major resistance to a reauthorisation of TRIPRA, which is currently ... Read the full article

Talbot’s Gillingham named head of war, terrorism at StarStone

18th October 2019

Specialty insurer StarStone has announced the appointment of Henry Gillingham as head of war & terrorism within its crisis management division. Gillingham will be based in London and is set to join in the first half of 2020. He joins from Talbot Underwriting, where he most recently served as a senior ... Read the full article

Heightened reinsurance use amid potential TRIPRA expiration: A.M. Best

18th October 2019

In the event that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is not renewed at the end of next year, insurers continue to take appropriate risk management measures, including the increased purchase of reinsurance protection, according to A.M. Best. Signed by President Obama in January 2015, TRIPRA extended the expiration ... Read the full article

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

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