The failure of Congress to renew federal terrorism reinsurance legislation is “shameful” because both political parties know it needs to be done and their differences are minor, an insurance executive said today. Evan G. Greenberg, chairman and CEO of ACE …
Representative Jeb Hensarling, a Texas Republican who has been a key opponent of the U.S. Export-Import Bank, now supports a short-term extension of the bank’s mandate, opening the door to a temporary reprieve for the export lender, House of Representatives …
U.S. insurance markets, like the rest of the nation, were caught off guard by the Sept.11, 2001 terrorist attacks. Loss of life and property led to an estimated $32.5 billion dollars in insured losses – $43 billion in 2013 dollars …
Property/casualty insurers are welcoming the unveiling of a House terrorism insurance bill as a sign of progress even though there are provisions in it they oppose. Introduced by Rep. Randy Neugebauer, R-Texas, chairman of the Insurance and Housing Subcommittee, the …
If Congress acts to extend the federal government backstop for terrorism insurance, the new version will likely impose higher deductibles and risk retentions on U.S. property/casualty insurers, says Moody’s Investors Service in a new report. In its report, “Debate on …
The U.S. Senate Banking Committee approved a legislation that would extend for seven years the government’s financial backstop of terrorism insurance. The panel approved by a 22-0 vote a bipartisan bill that would raise commercial insurers’ co-payment to 20 percent …
Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues. The sports associations, along with insurers, developers, banks and the U.S. …
When Jeb Hensarling took over the congressional panel that spawned the Dodd-Frank Act, he vowed to roll back the landmark Wall Street law and eliminate government programs that backstop private markets. More than a year later, the Texas Republican is …
The chairman of crucial U.S. House subcommittee said a bipartisan bill of its own that will renew the Terrorism Risk Insurance Act, or TRIA, will be unveiled in June. Rep. Randy Neugebauer, R-Texas, disclosed as much on May 20, in …
Ending the federal terrorism risk insurance program could end up costing the federal government more than if the program, TRIA, is allowed to continue, according to a RAND Corp. study. The analysis finds that in a terrorist attack with losses …
