terrorism insurance News

Stakes for P/C Insurers ‘High’ If Congress Shifts TRIA Burden: Moody’s

If Congress acts to extend the federal government backstop for terrorism insurance, the new version will likely impose higher deductibles and risk retentions on U.S. property/casualty insurers, says Moody’s Investors Service in a new report. In its report, “Debate on …

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 …

Mass. Regulator on Boston Bombing Claims, TRIA Reauthorization Effort

Massachusetts Division of Insurance’s last data call showed that the vast majority of insurance claims stemming from the Boston marathon bombing tragedy have been resolved. The data also revealed that among the 160 commercial property and business interruption claims made …

Boston Marathon Attacks Convinced Smaller, Midsized Firms to Buy Terror Insurance

For landlord Peter Zagorianakos, terrorism insurance wasn’t a necessity until the bombs went off last April at the Boston Marathon and revealed a frightening pattern. Two buildings he owns stand within a half-mile (0.8 kilometer) of the race’s finish line …

N.Y. Sen.: TRIA Renewal Vital for Economic Development in Cities Across Country

The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y., introduced a bill on April 10 that would extend …

Senators Announce Bipartisan Bill to Reauthorize Terrorism Insurance

A bipartisan group of U.S. senators has agreed on legislation to extend the government’s financial backstop of terrorism insurance for seven years. The legislation would raise private insurers’ co-payments to 20 percent from 15 percent. “In the long shadow of …

Commercial Insurance Markets Looking Favorable for Buyers in 2014: Marsh

The ample capacity and competition that helped temper firming of U.S. commercial insurance rates in 2013 is expected to continue into 2014, unless catastrophe losses turn out higher than expected, according to a report by insurance broker Marsh. U.S. commercial …

Terrorism Insurance Extended to Four Airlines

U.S. government insurance that guarantees airlines are covered against terrorism and war was extended for four carriers, including Virgin America Inc., that otherwise would have lost coverage at the end of the year. President Barack Obama extended the insurance for …

Court Shields Developers From Terrorism-Related Damages in 9/11 Case

A federal appeals court in New York has given developers and builders of high-rises and other buildings added protection from lawsuits over property losses linked to terrorism, in a case stemming from the Sept. 11, 2001 attacks. A divided panel …

Risk Managers: Loss of TRIA Would Limit, Possibly End, Terrorism Coverage

A majority of risk professionals believe expiration of the federal terrorism reinsurance program would result in a decrease of affordable terrorism coverage or, even, the total elimination of the coverage, according to a poll by the Risk and Insurance Management …