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Private sector lags on cyber security

By: Bill Kenealy

Published March 20, 2015 - 1:31pm CST

CHICAGO — Despite the recent spate of highly-publicized data breaches, companies and their insurers are still struggling to get their arms around the risks represented by cyber crime.

2015 Risk Management Summit photos

Published March 20, 2015 - 12:43pm CST

Risk managers from the United States and Europe gathered at the Roosevelt Hotel in New York on March 4-5 for the Risk Management Summit, a Business Insurance annual networking and educational conference.

RIMS backs streamlining terrorism classification

By: Matthew Lerner

Published March 17, 2015 - 12:51pm CST

The Risk and Insurance Management Society has sent a letter to the Federal Insurance Office, Department of the Treasury in support of simplifying the process by which destructive acts are certified as terrorist events, RIMS said in a statement Tuesday.

2015 Risk Management Summit highlights cyber terrorism, international risk

Published March 15, 2015 - 6:00am CST

In our latest In Focus video, senior risk managers, leaders and innovators convene for the Business Insurance two-day networking and educational conference in New York City.

CIA chief says social media 'greatly amplifies' terror threat

Published March 13, 2015 - 2:45pm CST

(Reuters) — Social media and other technologies are making it increasingly difficult to combat militants who are using such modern resources to share information and conduct operations, the head of the U.S. Central Intelligence Agency said Friday.

Terrorism insurance pool buys reinsurance for first time

By: Sarah Veysey

Published March 02, 2015 - 11:48am CST

Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, has bought commercial reinsurance coverage for the first time since it was established two decades ago.

U.S. to establish new cybersecurity agency

Published February 10, 2015 - 11:04am CST

(Reuters) — The U.S. government is creating a new agency to monitor cybersecurity threats, pooling and analyzing information on a spectrum of risks.

Terrorism insurance backstop guidance doesn't address lapse

By: Mark A. Hofmann

Published February 04, 2015 - 2:57pm CST

FIO's new interim guidance on terrorism insurance does not address whether the statute that reinstated the backstop would be retroactive to Jan. 1.

Paris terrorism attacks spotlight multinational security exposures

By: Louise Esola

Published January 18, 2015 - 6:00am CST

The terrorist attacks in Paris earlier this month shocked the world and served notice to companies in the West the urgent need to ratchet up security for their employees.

TRIA's temporary lapse sparks interest in private coverage of terrorism risks

By: Matthew Lerner

Published January 18, 2015 - 6:00am CST

The temporary lapse of the federal terrorism reinsurance backstop has spurred growth in the stand-alone market, with greater buyer interest in purchasing private insurance and more insurers offering private coverage of the risk.

Risk managers, insurers turn focus to making terrorism backstop permanent

By: Mark A. Hofmann

Published January 18, 2015 - 6:00am CST

Now that the federal government's terrorism insurance backstop has been extended through 2020, supporters are refocusing on what should be done before Congress deals with reauthorization again.

AIR survey reveals steady growth of expected average annual insured losses

By: Bill Kenealy

Published January 14, 2015 - 1:54pm CST

A new survey released by catastrophe modeling firm AIR Worldwide Corp. on Wednesday finds expected average annual insured losses increasing steadily.

President Obama signs TRIA extension bill into law

By: Mark A. Hofmann

Published January 13, 2015 - 9:17am CST

President Barack Obama has signed into law legislation extending the federal terrorism insurance backstop through Dec. 31, 2020.

U.S. military Twitter feed hacked, apparently by Islamic State sympathizers

Published January 12, 2015 - 2:30pm CST

(Reuters) — The Twitter feed for the U.S. military command that oversees operations in the Middle East was hacked on Monday by people claiming sympathy to the Islamic State militant group being targeted in American bombing raids.

Obama to propose new laws to protect consumer data, privacy

Published January 12, 2015 - 10:51am CST

(Reuters) —President Barack Obama on Monday plans to discuss three new proposed laws aimed at protecting Americans and the trail of data they leave on smart phones, computers and other devices.

Senate approves federal terrorism insurance backstop

By: Mark A. Hofmann

Published January 08, 2015 - 2:16pm CST

The Senate on Thursday followed the House of Representatives’ lead by approving legislation that would reinstate the federal terrorism insurance backstop through the end of 2020.

United Airlines attendants claim fired over their security concerns

Published January 08, 2015 - 10:53am CST

(Reuters) — A group of 13 flight attendants say they were illegally fired by United Airlines after refusing to fly on a Hong Kong-bound plane last July that had a “threatening” message scrawled under its tail engine, according to a complaint filed with the U.S. Department of Labor.

Insurance, business leaders urge Senate action on TRIA renewal

By: Mark A. Hofmann

Published January 08, 2015 - 9:45am CST

A broad coalition of business and insurance groups has written the Senate urging swift passage of the Terrorism Risk Insurance Program Reauthorization Act of 2015.

House passes bill to extend terrorism insurance backstop through 2020

By: Mark A. Hofmann

Published January 07, 2015 - 2:39pm CST

Moving quickly after the federal terrorism insurance program expired on Dec. 31, 2014, the House of Representatives on Wednesday overwhelmingly approved a bill to extend the terrorism insurance backstop until the end of 2020.

House could vote this week on TRIA reauthorization

By: Mark A. Hofmann

Published January 06, 2015 - 10:35am CST

Insurance industry groups are hailing House of Representatives leaders' stated intention to move swiftly on legislation that would reinstate the federal government's terrorism insurance backstop program.

Workers comp premiums will increase if Congress fails to renew TRIA in 2015

By: Stephanie Goldberg

Published January 04, 2015 - 6:00am CST

If the federal terrorism reinsurance backstop program isn't reauthorized during the first quarter of 2015, employers renewing their workers comp coverage could be forced to the residual markets and face significant premium increases.

TRIA expiration 'credit negative' for property/casualty industry: Moody's

By: Mark A. Hofmann

Published December 23, 2014 - 10:14am CST

The Dec. 31 expiration of the federal government's terrorism insurance backstop program is “credit negative” for the U.S. property/casualty insurance industry, Moody's Investors Service Inc. said in a report released Tuesday.

2014 in review: Ebola, cyber risk, health care reform dominate headlines

Published December 23, 2014 - 6:00am CST

In our latest In Focus video, we take a look back at key trends and developments, like Ebola fears, cyber risk and health care reform law that defined our year.

TRIA reauthorization supporters pin their hopes on the next Congress

By: Mark A. Hofmann

Published December 21, 2014 - 6:00am CST

Supporters of the federal terrorism insurance backstop are guardedly optimistic the next Congress will take up reauthorization of the program shortly after it convenes next month.

Senate's failure to reauthorize TRIA sends shockwaves through insurance sector

By: Matthew Lerner

Published December 21, 2014 - 6:00am CST

The failure of the U.S. Senate last week to enact legislation extending the federal government's terrorism insurance backstop beyond its year-end expiration sent shockwaves through the insurance sector.

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