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Property/casualty insurance industry welcomes TRIA report

By: Mark A. Hofmann

Published April 18, 2014 - 12:56pm CST

Property/casualty insurance groups are welcoming a new government report they say demonstrates the need for an extension of the federal government's terrorism insurance backstop program.

Business Insurance IN FOCUS Video: 4 World Trade Center

Published April 17, 2014 - 9:56am CST

Business Insurance's latest video report explores Silverstein Properties' rebuild of 4 World Trade Center in New York.

Senate bill to renew terrorism insurance backstop includes higher insurer copays

By: Mark A. Hofmann

Published April 13, 2014 - 6:00am CST

The prospects for the federal terrorism insurance backstop sharply improved last week with the introduction of an extension measure in the U.S. Senate. But insurer groups cautioned that proposed program modifications were too radical.

PERSPECTIVES: Policyholders can use captives to broaden terrorism coverage

By: Matthew J. Howard

Published April 13, 2014 - 6:00am CST

Although policyholders can buy terrorism insurance backed by TRIA, the coverage does not include nuclear, biological, chemical or radiological attacks. To broaden the coverage, policyholders can use their captive insurers to take on the risks; however, careful attention needs to be paid to premiums charged and how the IRS will treat the coverage for tax purposes, says attorney Matthew J. Howard, ...

Senators co-sponsor bill to extend TRIA backstop for 7 years

By: Mark A. Hofmann

Published April 10, 2014 - 12:31pm CST

A bipartisan group of senators has agreed on a bill that would extend the federal government's terrorism insurance backstop program for seven years.

U.S. terrorism insurance backstop would save taxpayers money: Study

By: Mark A. Hofmann

Published April 10, 2014 - 10:27am CST

The federal government’s terrorism insurance backstop program would save taxpayers money in the event of a terrorist attack causing less than $50 billion in losses, according to a study released Thursday by RAND Corp., a not-for-profit research organization.

TRIA's uncertain future sparks workers comp coverage denial and price hikes

By: Sheena Harrison

Published March 30, 2014 - 6:00am CST

The potential end of the federal terrorism insurance backstop is having a significant ripple effect on workers compensation coverage, with some employers being denied renewal of their coverage or facing hefty price hikes.

TRIA's impending expiration prompts comp insurers to ask about specific risks

By: Sheena Harrison

Published March 30, 2014 - 6:00am CST

As insurers weigh how much terrorism-related workers compensation exposure they're willing to take on, experts say underwriters are requesting highly specific information from employers.

Malaysia jet mystery obsesses aero industry, what to do unclear

Published March 18, 2014 - 2:17pm CST

(Reuters) — The global aviation industry is reverberating with shock over the fate of the missing Malaysia Airlines jet, but most in the business think the mystery is more of a tragic red herring than a wake-up call for drastic changes.

Senate committee expected to take up TRIA backstop soon, insider says

By: Sarah Veysey

Published March 18, 2014 - 10:35am CST

LONDON — The U.S. Senate Banking, Housing and Urban Affairs Committee is likely to consider a bill on the reauthorization of the federal government's terrorism insurance backstop within the next two to three weeks.

S&P predicts Congress will reauthorize, overhaul TRIA backstop

By: Mark A. Hofmann

Published March 17, 2014 - 12:12pm CST

Standard & Poor's Corp. said it believes Congress will reauthorize the federal government's terrorism insurance backstop program, but the New York-based rating agency cautioned that the program could be significantly changed.

RAND report links TRIA renewal with national security issues

By: Mark A. Hofmann

Published March 16, 2014 - 6:00am CST

A recent RAND Corp. report linking reauthorization of the federal government's terrorism insurance program with national security is a compelling argument for extending the program, according to its backers.

Captive insurance for terrorism risks will be stymied if TRIA is not renewed

By: Joanne Wojcik

Published March 16, 2014 - 6:00am CST

Captive insurance companies formed solely to access reinsurance under the U.S. terrorism insurance backstop will have no business purpose if the federal program is allowed to expire at the end of the year, industry experts warn.

Risk managers will face cyber crime, terrorism for generations: Tom Ridge

By: Bill Kenealy

Published March 13, 2014 - 3:37pm CST

NEW YORK — The dual threats of cyber crime and terrorism will continue to challenge risk managers and government officials for generations to come, said Tom Ridge, former secretary of the U.S. Department of Homeland Security.

House, Senate members offer options on extending terrorism backstop

By: Mark A. Hofmann

Published March 12, 2014 - 1:07pm CST

WASHINGTON — There are three options to deal with the federal government's terrorism insurance backstop program, a key member of Congress said Wednesday.

Democratic governors' report urges immediate TRIA reauthorization

By: Mark A. Hofmann

Published March 07, 2014 - 10:35am CST

The Democratic Governors Association has called upon Congress to reauthorize the federal government's terrorism insurance backstop program immediately “with as few changes and for as long a period as possible,” according to a report issued by the group Thursday.

Sunset of TRIA backstop could jeopardize national security: RAND

By: Mark A. Hofmann

Published March 06, 2014 - 1:06pm CST

Failure to reauthorize the federal government's terrorism insurance backstop program could have negative consequences for U.S. national security, according to a study released Thursday by RAND Corp.

Demand for terrorism coverage surges as debate over TRIA renewal continues

By: Matthew Lerner

Published March 02, 2014 - 6:00am CST

The private terrorism coverage market is seeing increased activity as policyholders seek alternatives should Congress substantially change the government program or refuse to extend it.

TRIA advocates call for permanent terrorism insurance backstop

By: Mark A. Hofmann

Published February 25, 2014 - 1:10pm CST

The federal government's terrorism insurance backstop should be reauthorized permanently, witnesses told the Senate Banking, Housing and Urban Affairs Committee on Tuesday.

Business Insurance IN FOCUS Video: Winter Olympics Coverage

Published February 12, 2014 - 1:37pm CST

Business Insurance's latest weekly video examines the comprehensive insurance and risk management programs put in place for the Winter Olympics in Sochi, Russia.

Global insurers compete to cover the 2014 Winter Olympics in Sochi, Russia

By: Sarah Veysey And Judy Greenwald

Published February 02, 2014 - 6:00am CST

Billions of dollars in insurance coverage written by insurers from around the globe are in place for the 2014 Winter Olympics slated to begin Feb. 7 in Sochi, Russia.

Terrorism threats grow more severe, fewer countries affected: Aon

By: Sarah Veysey

Published January 28, 2014 - 10:26am CST

Fewer countries faced terrorism threats last year than in 2012, but the severity of the threats sharply increased in some areas, according to Aon P.L.C., which published its 2014 Terrorism and Political Violence Map on Tuesday.

TRIA extension tops insurance industry wish list for 2014

By: Mark A. Hofmann

Published January 05, 2014 - 6:00am CST

For many insurance trade groups, extending the federal terrorism insurance backstop again tops the list of federal legislative priorities this year, but with a sense of urgency greater than last year.

Federal terrorism reinsurance backstop uncertainty weighs on property insurance rates

By: Mark A. Hofmann

Published January 05, 2014 - 6:00am CST

The federal government's terrorism insurance backstop isn't slated to expire until the end of 2014 — if it expires at all — but uncertainty over its fate caused ripples in the commercial property insurance market during the Dec. 31/Jan. 1 renewal season.

Employees' vulnerability to terrorism affecting workers comp rates in major cities

By: Sheena Harrison

Published January 05, 2014 - 6:00am CST

Uncertainty about whether the federal government's terrorism insurance backstop will be renewed has resulted in limited workers compensation insurance capacity and increased prices for some companies.

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