Latest Political Risk Headlines
All the headlines from our Political Risk Topic Page, ordered by recency.
Munich Re Posts $1 Billion 3Q Loss, Comments on Terrorism Coverage
Nov 30 2001 // Munich Re, the world’s largest reinsurer, suffered a commensurately large loss in the 3rd quarter of €1.2 billion ($1.05 billion) after tax. In addition to the estimated €2.1 billion ($1.85 billion) losses...
House Passes Terrorism Reinsurance Bill
Nov 30 2001 // The U.S. House of Representatives passed the Terrorism Risk Protection Act (HR 3210) by one vote of 227-193 on the afternoon of Nov. 29. According to the Independent Insurance Agents of America (IIAA), the legislation...
U.S. Financial Firms, Law Enforcement Seek Ways to Track Terrorists
Nov 28 2001 // The leading U.S. financial firms and law enforcement agencies are mulling over an agreement that would give authorities sweeping power to track terrorists using the financial system, the Wall Street Journal reported. The...
House Likely to Move on Terrorism Bill
Nov 20 2001 // The House will move swiftly after the Thanksgiving recess to put into law a terrorism insurance bill aimed at preventing an economic crisis if coverage is not available after Jan. 1. According to The Washington Post,...
Insurers Seek Permission From State Regulators to Exclude Terrorism
Nov 19 2001 // In the wake of the Sept. 11 terrorism attacks, insurance companies have begun seeking permission from state regulators to exclude terrorism coverage from a number of policies in 2002, including home, auto and life....
S&P: Company Ratings Could Suffer in Federal-State Squeeze on Terrorism Risk
Nov 13 2001 // Commercial insurers face a potentially untenable situation if the federal government fails to pass legislation that would help cushion terrorism costs to the industry by the end of November, and if state insurance...
IIAA Looks at Terrorism Bill Vote as Momentum Builder
Nov 13 2001 // A vote by the House Financial Services Committee last week to approve legislation to aid insurance consumers following future terrorist attacks serves as a momentum builder on Capitol Hill, according to Independent...
NAMIC Addresses Capital Markets Panel Examining Availability of Terrorism Insurance
Nov 2 2001 // The executive vice president & general manager of North Carolina Farm Bureau Mutual Insurance Company will address the House Financial Services Capital Markets Subcommittee today on behalf of the National Association...
NAIC Outlines Principles for Federal Role in Terrorist Insurance Coverage
Oct 29 2001 // In Congressional testimony, National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius outlined the NAIC’s suggested role for the federal government in...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Federal Government, Insurers Debate Plan to Cover Future Terrorist Acts
Oct 29 2001 // The push is on for creation of a federal plan to deal with future terrorist attacks. The Bush Administration has come up with an alternative to the insurance industry’s initial proposal, which called for a terrorist...
IIAA Calls for Passage of Remedy to Terrorism Reinsurance Problems
Oct 26 2001 // In testimony submitted on Capitol Hill, the Independent Insurance Agents of America (IIAA) strongly urged Congress to pass legislation to remedy the availability of terrorism reinsurance in the wake of the Sept. 11...
Consumer Federation’s Terrorism Insurance Plan Based on ‘Wishful Thinking’
Oct 26 2001 // A proposal to establish a federal terrorism reinsurance program offered by the Consumer Federation of America (CFA) is based on faulty assumptions and wishful thinking, according to the National Association of Independent...
S&P: Maintenance of Ratings Depends on Mitigating Terrorism Risks
Oct 24 2001 // Wholesale withdrawal from terrorism coverage is shielding the U.S. insurance industry from widespread rating actions following the September attacks, but it leaves U.S. commerce highly vulnerable to any future acts of a...
Insurer Seeks Washington State Permission to Exclude Terrorism Acts
Oct 24 2001 // Philadelphia-based Ace USA is seeking permission from the Washington State Insurance Commissioner to exclude acts of terrorism from the policies it issues to businesses. According to a report in The Seattle Times, the...
Property Insurers to Exclude Acts of Terrorism, and to Price Premiums for Larger Maximum Losses Oct
Oct 22 2001 // Property and Casualty insurers, already wary of terrorism before the September 11 attack, are very likely to begin pricing “terrorist attack risk” separately from other coverages, according to a new forecast...
Federal Government Proposes Plan to Help Cover Future Terrorist Attacks
Oct 22 2001 // The Bush Administration has come up with an alternative to the insurance industry’s proposal for a terrorist risk pool in the event of further attacks. On Oct. 15, the White House proposed a plan that would divide...
Munich Re Calls for Fundamental Reorientation on Terrorist Risks
Oct 19 2001 // Munich Re has just released a preliminary study of the attack on the World Trade Center which contains not only a detailed analysis of what led to the collapse of the twin towers, but also states that “the private...
Federal Government Proposes New Plan to Help Cover Future Terrorist Attacks
Oct 18 2001 // The Bush Administration has come up with an alternative to the insurance industry’s proposal for a terrorist risk pool in the event of further attacks. On Oct. 15, the White House proposed a plan that would divide...
NYSID Warns Insurers to be Vigilant on Terrorist Accounts
Oct 17 2001 // Governor George Pataki and Insurance Commissioner Gregory V. Serio both reminded the insurance community that it is imperative to observe the restrictions contained in the Executive Order of September 24, blocking the...
