Terrorism News

Rising Risks Could Cost Global Cities $1.17 Trillion of GDP in 2017: Cambridge Study

The costs of major shocks to the global economy from natural and manmade threats could put at risk $1.17 trillion of the total projected GDP of the world’s major cities in 2017, according to the findings of a report compiled …

Talbot Underwriting Launches $50M Consortium to Cover NBCR Terrorism

Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., announced the launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism. The facility will allow brokers to fully bind through one underwriter, with Talbot …

France to Hike Premium Tax to Bolster Compensation Fund for Attack Victims

France plans to increase a levy on property insurance policies to 5.90 euros [$6.30] from 4.30 euros [$4.59] per contract to bolster a fund that provides compensation to victims of attacks or other criminal acts. Following the Islamist attacks in …

International Forum of Terrorism Risk Re/Insurance Pools Launched

Pool Re, the state-backed UK reinsurer that covers terrorism related commercial property losses, announced the launch of the International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool Re led initiative, which …

Business Interruption Tops List of Risks Facing Global Organizations: Survey

Business interruption, property damage and general liability are the top three risks faced by businesses, non-governmental organizations and governmental agencies operating outside the U.S., according to the Summer/Fall edition of “Clements Worldwide Risk Index.” In fact, business interruption and property …

XL Catlin Updates Active Assailant Cover to Include Use of Road Vehicles in Attack

XL Catlin announced it has updated the wording of its “Active Assailant” coverage to include the use of road vehicles in an attack. Stephen Ashwell, XL Catlin’s chief underwriting officer for Crisis Management, said: “The tragic events that took place …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

France in Mourning After Latest Deadly Terror Attack Kills at Least 84

Eight months after a murderous rampage in Paris, a deadly attack in the coastal city of Nice on Bastille Day left at least 84 people dead and scores injured, threatening to throw a still-traumatized France into a tailspin and raising …

London Market’s Electronic Placing Platform Binds 1st Standalone Terrorism Risk

London Market Group (LMG) announce that the first standalone terrorism risk was bound on PPL – the London Market’s electronic placing platform – within the first hour of trading yesterday morning. The broker was Marsh and the underwriter was Chaucer. …

Terrorist Attack at Istanbul Airport Kills at Least 40; Islamic State Blamed

Coordinated suicide attacks at Istanbul’s international airport killed at least 40 people, tearing through the terminal at one of the busiest travel times of the year as Turkey struggles to contain the spillover from Syria’s civil war. Islamic State is …