Live Insurance News

The terrorism insurance law’s expiration boosts uncertainty

May 15, 2014May 14, 2014 Julie Campbell

The federal program could end at the close of 2014, causing costs in commercial real estate to spike. The federal terrorism insurance is on the cusp of expiring and many in the industry are now cautioning that if it is allowed to be eliminated or scaled back, this could cause costs in commercial real estate to take off in an unprecedented way. The federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) expiration could lead to liquidity risks. Reports are showing that terrorism insurance continues to play an important role, which…

Terrorism insurance program renewal future is unknown

May 9, 2014May 9, 2014 Julie Campbell

terrorism insurance industry news 9/11 Memorial in 2004

The debate will be whether or not there is any need to extend this coverage for a second time. When the attacks on the World Trade Center and on the Pentagon occurred on 9/11, there was a dramatic change in the demand for terrorism insurance and in the way that risk was being calculated by insurers. Suddenly, there was a very real threat that massive losses could occur as a results of terrorist attacks. A law was put into place to make sure that terrorism insurance would remain available and…

War risk insurance extension granted by Obama

January 1, 2014December 30, 2013 G. Turner

This coverage availability has been extended throughout 2014 for airlines by the president. The American government coverage that provides airlines with guarantees against perils related to war and terrorism, war risk insurance, has been extended until the end of 2014 by President Obama. This coverage has been extended for four different carriers that would have lost their protection at the end of 2013. President Barack Obama has granted an extension for the airline war risk insurance for as long as one more year. He made this decision while he was…

Terror insurance coverage concerns felt by New York property owners

May 23, 2013May 25, 2013 G. Turner

The commercial real estate market in NYC is concerned about the upcoming expiry of the TRIA. New York City’s commercial real estate market is now facing worries about a threat that could shake its stability, when federal terror insurance reaches its expiry date in 2014. The Terrorism Risk Insurance Act was enacted in 2002 and uses taxpayer dollars to cover these disasters. The act was put into place the year following 9/11 and uses American taxpayer funds to provide protection for private insurers so that they can offer terror insurance…