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The takeup rate for terrorism coverage in property insurance policies increased to 61% in 2015, according to a report released Wednesday by Marsh L.L.C.
The takeup rate had dropped to 59% in 2014 after remaining steady at 62% for the two previous years, Marsh noted in its 2016 Terrorism Risk Insurance Report. Marsh attributed the uptick in part to the passage of the Terrorism Risk Insurance Program Reauthorization Act, which extended the federal government terrorism backstop through 2020.
“The passage of TRIPRA in 2015 brought greater certainty to organizations in the U.S. that depend on terrorism coverage, and terrorism insurance takeup rates for TRIPRA coverage increased in 2015,” said Marsh in its report. “Most companies that purchased terrorism insurance in the past still do so as insurers continue to underwrite the risk with the support of TRIPRA.”
Marsh found that media companies had the highest takeup rates at 79%, while energy and mining had the lowest at 33%.
“Terrorism insurance purchasing varies significantly when looked at by industry,” said Marsh. ”Differences are due in large part to some industries having exposure concentrations in central business districts and major metropolitan areas that are likely perceived as being at higher risk for terrorism.”
Arthur J. Gallagher, the international brokerage arm of Arthur J. Gallagher & Co., has launched a risk-modeled terrorism solution for U.K.- and U.S.-domiciled clients.