Reinsurance News
Terrorism reinsurance
Terrorism reinsurance news and analysis can be found below.
Reinsurance for terrorism risks provides insurers with a backstop for potentially catastrophic and difficult-to-predict losses from terrorist attacks.
Due to the fact the private reinsurance market is often capacity constrained to cover such enormous, concentrated and potentially volatile terrorism risks, governments in many countries (including the UK, US, and Australia) have established public-private terror reinsurance risk pools to ensure terrorism insurance cover remains available to businesses.
TRIPRA uncertainty may impact re/insurance availability: Metropoulos, Guy Carpenter
21st October 2019
Uncertainty regarding the future of the US Terrorism Risk Insurance Protection and Reauthorization Act (TRIPRA) may impact the “nature and availability" of re/insurance coverage, according to Emil Metropoulos, Terrorism Center of Excellence Practice Leader at Guy Carpenter. Metropoulos does not foresee major resistance to a reauthorisation of TRIPRA, which is currently ... Read the full article
Talbot’s Gillingham named head of war, terrorism at StarStone
18th October 2019
Specialty insurer StarStone has announced the appointment of Henry Gillingham as head of war & terrorism within its crisis management division. Gillingham will be based in London and is set to join in the first half of 2020. He joins from Talbot Underwriting, where he most recently served as a senior ... Read the full article
Heightened reinsurance use amid potential TRIPRA expiration: A.M. Best
18th October 2019
In the event that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is not renewed at the end of next year, insurers continue to take appropriate risk management measures, including the increased purchase of reinsurance protection, according to A.M. Best. Signed by President Obama in January 2015, TRIPRA extended the expiration ... Read the full article
TRIPRA expiration could cause “domino effect” of price rises: Marsh CEO
17th October 2019
John Doyle, President and CEO at Marsh, has warned that a failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could cause a “domino effect” of price increases across multiple re/insurance lines. Doyle recently testified before the United States House Committee on Financial Services to advocate for a timely ... Read the full article
Joint cyber terrorism task force launched by IFTRIP & Geneva Association
10th October 2019
The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has collaborated with the Geneva Association (GA) on the launch of a joint task force on cyber terrorism and cyber warfare. The launch of this new task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. The initial findings ... Read the full article
Gov’s contribution to insured losses under TRIA would decline over time, says report
8th October 2019
If the September 11th, 2001 attacks on the World Trade Centre were to happen today, the implementation of the Terrorism Risk Insurance Act (TRIA) would see the government's net payout fall below zero, according to the Insurance Information Institute (Triple-I). Analysis by Triple-I, which leverages data and analysis from the Reinsurance ... Read the full article
Terrorism Risk Act uncertainty driving reinsurance demand, says RAA President
7th October 2019
Uncertainty over the reauthorisation of the Terrorism Risk Insurance Act (TRIA) in the US is increasing the demand for terrorism reinsurance coverage, according to Frank Nutter, President of the Reinsurance Association of America (RAA). Speaking at the US Treasury's Advisory Committee on Risk-Sharing Mechanisms (ACRSM), Nutter observed that the reinsurance market ... Read the full article
Re/insurers appeal for extension to “vital” terrorism insurance act
17th September 2019
A coalition of insurers and reinsurers have penned a letter to members of the US Congress, urging them to pass a long-term reauthorisation of the Terrorism Risk Insurance Act (TRIA), which is currently set to expire at the end of 2020. The appeal described the act as a “vital public-private risk ... Read the full article
Tech, analytics can address terror, political violence risk challenges: Guy Carpenter
10th September 2019
Guy Carpenter, the reinsurance arm of Marsh, has underlined the important role technology and analytics play in addressing challenges across the terrorism risk landscape. The reinsurance broker argues that terrorism, political violence and other malicious acts are both dynamic and adaptive, with human intent driving profitability while also willing the impacts ... Read the full article
Mass shooting attacks expose re/insurance coverage gap: A.M. Best
26th July 2019
The recent increase in mass shooting attacks in the US have highlighted a distinct lack of re/insurance coverage for violent events of this nature, according to A.M. Best. The rating agency noted that insurers have begun to respond to rising demand for active assailant insurance coverage, which carries unique features over ... Read the full article
Pool Re secures £40m NDBI retro cover
8th July 2019
UK government-backed terrorism reinsurer Pool Re has successfully placed a retrocession program covering non-damage business interruption (NDBI) losses, effective July 5th. This previously-announced move is a response to the increase of risk shouldered by Pool Re following parliamentary approval in February enabling the organisation to cover NDBI losses incurred ... Read the full article
ARPC found to be effective at managing terrorism scheme
3rd July 2019
Australian Reinsurance Pool Corporation has been found by the national auditor for the Australian Government, the Australian National Audit Office (ANAO), to be effective in managing its terrorism reinsurance scheme. The report found that the ARPC has effective processes for reviewing and collecting premiums, as well as assessing whether the scheme’s ... Read the full article
Australia opts to leave cyber cover out of Terrorism Insurance Act
21st June 2019
Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article
MMC urges U.S Senate to renew terrorism risk insurance act
19th June 2019
Tarique Nageer, Property Terrorism Placement and Advisory Leader at Marsh, a Marsh & McLennan firm, has testified before a U.S Senate Committee to highlight the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). Nageer urged members of the Committee on Banking, Housing and Urban Affairs to renew the Act, ... Read the full article
Pool Re seeking up to £50m NDBI retro cover
12th June 2019
UK government-backed terrorism reinsurer Pool Re is looking to secure a retrocession placement for July 1 of between £40 million and £50 million. This is in response to an increase of risk shouldered by Pool Re following parliamentary approval in February that enabled it to cover non-damage business interruption (NDBI) ... Read the full article
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