federal terrorism insurance News

House Committee Approves TRIA Renewal Bill with NARAB Amendment

The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer …

Senate Committee Advances Terrorism Insurance Renewal

The U.S. Senate Banking Committee approved a legislation that would extend for seven years the government’s financial backstop of terrorism insurance. The panel approved by a 22-0 vote a bipartisan bill that would raise commercial insurers’ co-payment to 20 percent …

Professional Sports Teams Looking for Terrorism Insurance Win in Congress

Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues. The sports associations, along with insurers, developers, banks and the U.S. …

Hiscox Increases U.S. Terrorism Insurance Capacity to $200 Million

Hiscox has increased capacity to $200 million for U.S. domiciled terrorism risks. The additional capacity addresses the increased demand for standalone terrorism coverage caused by the upcoming expiration of the U.S. government terrorism insurance backstop offered by the Terrorism Risk …

Brokers Urge Renewal of ‘Essential’ Federal Terrorism Insurance

The federal Terrorism Risk Insurance Act (TRIA) is a “model” for public-private cooperation and should be renewed, insurance broker Marsh told lawmakers on Capitol Hill. Peter J. Beshar, executive vice president and general counsel of Marsh & McLennan Companies, testified …