2014 Terrorism Risk Insurance Report
The implementation of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in the United States has proven essential for many organisations in the country purchasing terrorism coverage, making it both available and affordable to businesses that would otherwise struggle to pay for cover.
As things stand currently, the federal terrorism insurance backstop is due to expire on 31 December 2014, although congressional activity suggests that lawmakers will extend TRIPRA, possibly with modifications, beyond this date.
While private market capacity for terrorism insurance is available, it may not be enough to meet the demand of the marketplace should TRIPRA not be reauthorised or is extended without the make-available provision. Therefore, insureds with operations in the US should prepare for any modifications to TRIPRA and consider exploring alternative solutions for terrorism insurance.
This report examines TRIPRA’s impact on property/casualty insurance, take-up rates, pricing, alternative insurance and risk management approaches for terrorism risks, and related issues.
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