A research arm of Congress is studying the costs of cyber attacks on the U.S. infrastructure and whether the backup provided by the federal Terrorism Risk Insurance Program (TRIP) is adequate for cyberterrorism events. The General Accountability Office (GAO) said …
The Senate yesterday went along with House measures that fund the military and rest of the federal government through next September. The government funding measure includes two provisions of particular interest to the property/casualty insurance industry: a reauthorization of the …
Legislation to renew the federal terrorism reinsurance program advanced another step today when it was passed by the Senate Banking Committee. The Senate legislation (S.2877) is identical to the bill (H.R. 4634) that passed the House earlier this week by …
The House of Representatives on Monday passed a bill reauthorizing the federal terrorism reinsurance program by a vote of 385-22. The vote came on the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), a bill introduced by Rep. …
The long-term viability of the U.S. property terrorism insurance market is back in the spotlight as Congress looks at renewing the federal reinsurance backstop, the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is set to expire in Dec. 31, …
Property/casualty insurers that have relied heavily on the federal terrorism reinsurance program face the risk of rating downgrades if the program isn’t renewed by the end of 2020, ratings firm A.M. Best has warned. A.M. Best said that the Terrorism …
After a slight dip in the wake of the brief lapse of the terrorism reinsurance program in early 2015, terrorism insurance market conditions are steady again, although there have been some noteworthy changes in behavior, insurance broker Marsh said in …
