New TRIA bill would extend terrorism insurance backstop for 10 years

By: Mark A. Hofmann

Published May 10, 2013 - 10:03am CST

A bill extending the federal government's terrorism insurance backstop through 2024 was introduced by Rep. Bennie G. Thompson, D-Miss., on Thursday.

Hiscox says reinsurance rates steady at April 1 renewals

By: Sarah Veysey

Published May 07, 2013 - 9:50am CST

Hiscox Ltd. on Tuesday said reinsurance rates remained “mostly healthy” during the first quarter of 2013 and that some business impacted by losses from Superstorm Sandy saw rate increases.

Expect higher insurance premiums if TRIA not renewed: Fitch

By: Judy Greenwald

Published May 06, 2013 - 2:41pm CST

If the Terrorism Risk Insurance Act is not renewed, it could induce commercial insurers to retreat from larger metropolitan areas, thereby reducing the availability of coverage and raising premium rates.

RIMS Rundown VIDEO: Mass violence risks

Published May 06, 2013 - 10:05am CST

In this episode of Business Insurance's RIMS Rundown, we talk to experts about what risk managers and organizations can do to address the growing threat of acts of mass violence.

Boston bombings put focus on domestic terrorism risks and insurance coverage

By: Judy Greenwald

Published May 05, 2013 - 6:00am CST

Not enough attention is being paid to the threat of domestic terrorism, as demonstrated by the recent Boston Marathon bombings, according to an expert who spoke about terrorism risks during the Risk & Insurance Management Society Inc.'s 2013 conference at the Los Angeles Convention Center.

Terror victim's family doesn't have to pursue claim in Pakistan: Court

By: Judy Greenwald

Published May 02, 2013 - 2:26pm CST

The family of a guest at a Marriott International Inc. hotel in Pakistan who was killed in a 2008 terrorist attack can pursue its wrongful death litigation in Maryland rather than litigating its case in Pakistan, an appellate court ruled, reversing a lower court's ruling.

Boston police take three suspects into custody in bomb case

Published May 01, 2013 - 12:00pm CST

(Reuters) — Three additional suspects have been taken into custody in the investigation of last month's deadly bombings at the Boston Marathon, the Boston Police Department and a U.S. law enforcement source said on Wednesday.

Terrorism takeup, premium rates nearly steady: Marsh

By: Jerry Geisel

Published April 30, 2013 - 2:33pm CST

Takeup rates and premiums for U.S. terrorism insurance are holding nearly steady, according to a survey that Marsh Inc. released Tuesday.

Towers Watson releases terrorism, political violence predictive model

By: Sheena Harrison

Published April 23, 2013 - 11:53am CST

Towers Watson & Co. has released a predictive model that assesses risks from terrorism and political violence, the New York-based brokerage and consultant said Tuesday.

Boston Marathon bombing could spur Congress on terror backstop

By: Mark A. Hofmann And Sarah Veysey

Published April 21, 2013 - 6:00am CST

The Boston bombings appear unlikely to trigger the federal government's terrorism insurance backstop established by the Terrorism Risk Insurance Act of 2002.

Boston Marathon bombings raise insurance concerns

By: Mark A. Hofmann And Sarah Veysey

Published April 21, 2013 - 6:00am CST

Brokers and others are still sorting out how last week's Boston Marathon bombing attack will affect two key insurance markets — events and promotions and terrorism.

SOLUTION ARC: How the public and private sectors can guard against cyber risks

Published April 19, 2013 - 6:14pm CST

Business Insurance's latest Solution Arc explores evolving legal and regulatory guidance on cyber security, and details how companies and states can protect themselves from online attacks.

Business Insurance VIDEO: Robert Hartwig on the Boston bombing

Published April 17, 2013 - 12:52pm CST

In this video, Business Insurance managing editor Paul Bomberger discusses the insurance implications of the Boston marathon bombings with Robert Hartwig, president of the Insurance Information Institute.

Boston bombing presents big unknown for insurers

By: Rodd Zolkos

Published April 16, 2013 - 3:32pm CST

While the effect of the bombs that killed three people and injured 180 at the Boston Marathon won't be clear for the insurance industry until more is known, experts think it could prompt challenging insurance coverage questions.

Commercial insurance prices to trend upward through 2013: Willis

By: Mark A. Hofmann

Published April 10, 2013 - 1:05pm CST

Buyers of commercial insurance can expect moderate upward pressure on rates throughout the year, according to an analysis released Wednesday by Willis Group Holdings P.L.C.

Torus to launch Lloyd's of London managing agency

By: Sarah Veysey

Published April 02, 2013 - 9:16am CST

Torus Insurance Holdings Ltd. has received approval to launch a Lloyd's of London managing agency, Torus Underwriting Management Ltd.

Hiscox launches counterterrorism risk management facility

By: Anna Gaynor

Published March 26, 2013 - 2:46pm CST

Hiscox Ltd. has launched a counterterrorism team for brokers and their risk manager customers, the insurer announced Monday.

Insurance industry better able to provide terrorism coverage: Greenberg

By: Mark A. Hofmann

Published February 21, 2013 - 2:50pm CST

WASHINGTON — The private insurance market is far better positioned to provide terrorism coverage than it was when the federal terrorism insurance backstop was created in 2002, according to Maurice R. Greenberg.

Bill introduced in Congress to extend Terrorism Risk Insurance Act

By: Mark A. Hofmann

Published February 05, 2013 - 3:55pm CST

A bipartisan group of members of Congress have introduced a measure to extend the federal government's terrorism insurance program through the end of 2019.

Specialty Risks Spotlight Video: Business travel risks

Published January 30, 2013 - 2:04pm CST

In this episode of Specialty Risks Spotlight, sponsored by Zurich, we explore the health and safety risks that surround business travel, as well as the best strategies to mitigate these risks.

TRIA renewal is a top 2013 legislative issue for property/casualty industry

By: Mark A. Hofmann

Published January 13, 2013 - 6:00am CST

An event that won't happen until 2014 — if it happens at all — tops the property/casualty insurance industry's list of 2013 federal legislative concerns: the reauthorization of the federal government's terrorism insurance backstop.

Failure to extend federal terrorism insurance backstop would 'severely curtail' coverage: Report

By: Mark A. Hofmann

Published December 05, 2012 - 10:33am CST

Failure to extend the federal government's terrorism insurance backstop probably would cause insurers to “severely curtail” underwriting risks in areas at the greatest risk of terrorist attacks and thus the greatest need for coverage, according to a report released Wednesday by Guy Carpenter & Co. L.L.C.

Business Insurance election roundup

Published November 07, 2012 - 2:56pm CST

Business Insurance examines how Tuesday's election results will impact the implementation of the health care reform law, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and more.

Congressional challenges expected for terrorism risk insurance extension

By: Mark A. Hofmann

Published November 07, 2012 - 9:52am CST

Proponents of extending the federal government's terrorism insurance backstop face an uphill fight in the aftermath of Tuesday's national elections.