Terrorism Risk Insurance Act News

P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA

Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the Terrorism Risk Insurance Act as some have urged. …

How TRIA Would Handle Another 9/11: I.I.I.

The Insurance Information Institute’s new white paper, “A World Without TRIA: Incalculable Risk,” shows how the market for terrorism insurance has evolved since the 2001 terrorist attacks – from the early days in which there was effectively no market (insurers …

Industry Eyes Renewal of U.S. Terror Reinsurance and Alternatives Should Congress Fail

U.S. insurers are pushing for the extension of a federal terrorism risk insurance program, hoping to fend off a possible gap that would leave their clients scrambling for alternate coverage. The program, which expires at the end of 2020, was …

New York Businesses Advised to Check Insurance in Wake of Chelsea Terrorism Bombing

New York Governor Andrew Cuomo has identified the incident where a bomb went off from inside a dumpster in New York’s Chelsea neighborhood, injuring 29 people, as an act of terrorism. “I said yesterday I believed it was an act …

U.S. Can’t Seize Manhattan Building Over Iranian Terror Claims: Court

A federal appeals court said on Wednesday the U.S. government cannot seize a midtown Manhattan office tower originally built by the Shah of Iran, whose owners it claimed were fronts for the Iranian government. The 2nd U.S. Circuit Court of …

How AIG Is Using Cyber Intelligence to Protect Property from Cyber Attacks

A three-hour shutdown of the New York Stock Exchange on the same day that a network failure halted all United Airlines flights in the U.S. had people across the country thinking one thing: cyber-attack. It wasn’t, but the July 8 …

Judge Denies Daughter’s Cuba Damages Claim Under TRIA for Father’s Death

A federal judge who will sentence BNP Paribas SA Friday for violating U.S. sanctions against Sudan, Iran and Cuba on Thursday rejected a Cuban-American woman’s bid for compensation for her father’s death at the hands of the Castro regime. Marilyn …

Connecticut Gov. Malloy Lauds Congressional Passage of TRIA

Connecticut Governor Dannel P. Malloy issued a statement praising the Congressional approval for a six-year extension of the federal government’s Terrorism Risk Insurance Act (TRIA). “This reauthorization was essential and restores much-needed certainty to the insurance industry here in the …

New York Regulator Surveying Insurers on TRIA Risk

New York’s Financial Services Superintendent Benjamin Lawsky has directed insurers that are licensed to write commercial property or liability business lines in the state to submit information on how they are responding to Congress’ failure so far to reauthorize the …

Conn. Regulator: TRIA Renewal Must Be a Top Priority for New Congress

Connecticut’s deputy insurance commissioner sent a letter to the state’s Congressional delegates last week, asking that the delegation impress upon its leadership in the House and Senate the urgency with which the Terrorism Risk Insurance Act (TRIA) must be reauthorized …