Insurance Services Office to help U.S. analyze terrorism insurance dataPosted On: Mar. 28, 2016 12:00 AM CST
Insurance Services Office Inc. will collect, aggregate and help analyze insurance data on terrorism for the U.S. Treasury Department this year, the Jersey City, New Jersey-based organization said.
ISO, which is a unit of Verisk Analytics Inc., will collect premium, exposure and pooling data for 2015 from insurers participating in the Terrorism Risk Insurance Program.
According to the Treasury Department, it is collecting data on the effectiveness of the program under Section 111 of the Terrorism Risk Insurance Reauthorization Act of 2015, which extended the government's terrorism insurance backstop through 2020.
Treasury said that while production of the requested data is voluntary for calendar year 2016, it is encouraging all participating insures to report “to the extent feasible.” The reporting deadline is April 30.