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The nonrenewal of the U.S. Terrorism Risk Insurance Program Reauthorization Act of 2007 is likely to have a disruptive effect on many primary insurance buyers, according to sources.
Many reinsurance buyers had been increasing their retentions and taking larger co-participations for terrorism, according to Bryon Ehrhart, CEO of Aon Benfield Americas.
If the act had passed, then many reinsurance buyers would have continued with that strategy, he said.
There has been a significant and fairly inexpensive private market for terrorism reinsurance coverage in recent years, Mr. Ehrhart said, and many clients have added that to their programs.
What would it take to turn the current buyer-friendly commercial property market?