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Gates' support of extending federal terrorism backstop praised

By: Mark A. Hofmann

Published October 29, 2014 - 10:07am CST

The Coalition to Insure Against Terrorism is welcoming former Defense Secretary Robert Gates' call to extend the federal government's terrorism insurance backstop.

Former CIA chief advises dealing with hardest risks

By: Matthew Lerner

Published October 27, 2014 - 9:45pm CST

Institutions, whether businesses or governments, must react and adapt to changing and disruptive influences in order to survive and thrive, former Secretary of Defense, CIA Director and Texas A&M University President Robert Gates said Monday at the Property and Casualty Insurers Association of America's annual meeting in Scottsdale, Arizona.

2014 Annual PCI Meeting

Published October 27, 2014 - 11:26am CST

Follow Business Insurance's complete coverage of the Property Casualty Insurers Association of America's 2014 annual meeting in Scottsdale, Arizona.

Terrorism backstop extension, financial regulations top PCI agenda

By: Matthew Lerner

Published October 26, 2014 - 8:44pm CST

Securing an extension of the federal terrorism insurance backstop created by the Terrorism Risk Insurance Act of 2002 tops the agenda for the Property and Casualty Insurers Association of America, but it’s far from the organization’s sole concern.

Terrorism insurance rates decrease as demand for coverage increases

By: Matthew Lerner

Published October 12, 2014 - 6:00am CST

Demand is up for terrorism insurance in the private market amid increased capacity and greater competition that have dropped rates in the lowest-risk locales, while rates are flat in cities considered at greatest risk of a terrorist attack.

TRIA reauthorization delayed until November at the earliest

By: Mark A. Hofmann

Published September 28, 2014 - 6:00am CST

The fate of the federal terrorism insurance backstop and an initiative to streamline licensing of interstate agents and brokers won't be known until November at the earliest.

Court reinstates case that London bank aided Hamas

By: Judy Greenwald

Published September 22, 2014 - 3:01pm CST

A U.S. appeals court has reinstated litigation against a London-based bank on charges it aided Hamas in violation of the Antiterrorism Act, ruling a lower court had misinterpreted the law.

Data breaches, terrorism, injury payments among insurers' emerging risks: Report

By: Rodd Zolkos

Published September 15, 2014 - 1:52pm CST

Cyber risk, terrorism and new compensation structures for long-term bodily injuries are among the emerging risks facing reinsurers and insurers, according to a report from Guy Carpenter & Co. L.L.C.

Congress could delay passage of TRIA renewal bill past November elections

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

Passage of a bill that would extend the federal terrorism insurance backstop could be pushed into a lame-duck session following the November elections.

Protecting the nation's electric grid from terrorist attacks is a top priority

By: Judy Greenwald

Published August 17, 2014 - 6:00am CST

Regulations proposed by the Federal Energy Regulatory Commission to protect the nation's electric grid are mainly prompted by an armed attack last year that knocked out high-voltage transformers in California.

Both House, Senate TRIA bills, place more liability on insurers: Report

By: Rodd Zolkos

Published July 21, 2014 - 3:13pm CST

While bills introduced in the U.S. Senate and House of Representatives to extend the federal terrorism backstop mark progress towards that goal, both would raise the insurance industry’s liability following a terrorist attack.

Insurance industry welcomes Senate approval of seven-year TRIA extension

By: Mark A. Hofmann

Published July 17, 2014 - 12:54pm CST

Insurers and other industry groups are welcoming Thursday's 93-4 Senate vote to extend the federal terrorism insurance backstop for seven years.

IN FOCUS Video: Property/Casualty Insurance Lobbyists

Published July 08, 2014 - 3:56pm CST

In our latest video report, we speak with several top lobbyists for the property/casualty insurance industry and find out what key issues are currently their top priorities on Capitol Hill.

Insurance, business groups urge House not to hike TRIA trigger

By: Mark A. Hofmann

Published July 08, 2014 - 12:27pm CST

A group of insurer and other trade associations has sent a letter to the House of Representatives expressing concern over the increased size of the so-called “trigger” in a House measure that would reauthorize TRIA for five years.

Insurance industry prefers Senate version of TRIA reauthorization bills

By: Mark A. Hofmann

Published June 22, 2014 - 6:00am CST

Differences between House and Senate bills that would reauthorize the federal government's terrorism insurance backstop appear to be resolvable before the program expires Dec. 31.

House committee approves TRIA program extension bill

By: Mark A. Hofmann

Published June 20, 2014 - 10:28am CST

Insurance groups are hailing the House Financial Services Committee's approval Friday morning of a bill that would extend the federal government's terrorism insurance backstop for five years.

TRIA program uncertainty weighs on terrorism insurance market: Report

By: Mark A. Hofmann

Published June 18, 2014 - 10:39am CST

The U.S. terrorism insurance market continues to be “challenged” by uncertainty over whether the federal government's terrorism insurance backstop will be extended, according to a report issued Wednesday by Guy Carpenter & Co. L.L.C.

House lawmaker unveils bill to extend TRIA through 2019

By: Rodd Zolkos

Published June 17, 2014 - 3:37pm CST

A key congressman on insurance issues introduced a bill Tuesday to extend the federal terrorism insurance backstop through 2019.

House discussion draft calls for TRIA extension through 2019

By: Mark A. Hofmann

Published June 12, 2014 - 2:46pm CST

A House legislative discussion draft calls for reauthorizing the federal government's terrorism insurance backstop program through the end of 2019.

Treasury hasn't collected enough insurer data to say if TRIA goals met: GAO

By: Mark A. Hofmann

Published June 11, 2014 - 2:47pm CST

The U.S. Treasury Department is not collecting enough data from insurers to determine whether the goals of the federal government's terrorism insurance backstop program are being met, according to a new GAO report.

Insurance buyers in major cities have much riding on TRIA extension: Analysis

By: Mark A. Hofmann

Published June 11, 2014 - 11:41am CST

Failure to extend the federal government's terrorism insurance backstop program would affect “virtually every property owner or business” in major metropolitan areas that wish to or must carry terrorism insurance, according to an analysis released Wednesday by Moody's Investors Service Inc.

Terrorism, catastrophes, tech drive risk management changes: Former PRIMA leaders

By: Matthew Lerner

Published June 10, 2014 - 12:03pm CST

LONG BEACH, Calif. — Terrorism, technology and catastrophe-driven changes in property insurance are the most significant factors influencing how risk managers think today.

Bonus payout for World Trade Center site workers premature: Court

Published June 10, 2014 - 10:04am CST

(Reuters) — A judge acted prematurely in awarding a $55 million bonus payment to thousands of rescue and cleanup workers at the World Trade Center site who settled lawsuits against New York City over damage to their health, a federal appeals court decided on Monday.

Senate passes bill to renew TRIA, but final outcome is still unclear

By: Mark A. Hofmann

Published June 08, 2014 - 6:00am CST

A key U.S. Senate panel's unanimous approval of a bill to extend the federal terrorism insurance backstop by seven years should speed the reauthorization process in the full Senate, supporters of the legislation contend.

Senate committee approves TRIA extension bill

By: Mark A. Hofmann

Published June 03, 2014 - 11:20am CST

The Senate Banking, Housing and Urban Affairs Committee has unanimously approved a measure that would extend the federal terrorism insurance backstop by seven years.

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