Tokio Marine & Nichido Fire Insurance will sell insurance policies starting in March that will cover damage to facilities resulting from terrorism and violent demonstrations, the first such product in Japan. Japanese companies have up to now mainly focused on preparing for natural disasters and have not bothered to insure themselves against terrorism or political… Continue reading Tokio Marine to Sell Terrorism Insurance Ahead of Tokyo Olympics
Tag: terrorism insurance
Chubb Launches Unique Non Damage Terrorism Solutions for Businesses
Chubb has launched a unique insurance solution aimed at bridging gaps in traditional terrorism business interruption policies. Chubb’s Non Damage Terrorism Solutions is a single policy offering non damage business interruption, plus employee and customer care assistance as a result of a terrorism loss. In addition, this policy also provides event cancellation coverage following an… Continue reading Chubb Launches Unique Non Damage Terrorism Solutions for Businesses
Congress Approves Seven-Year TRIA Extension
The Senate on Thursday gave its final approval to a 2020 spending bill that includes a provision to reauthorize the Terrorism Risk Insurance Act for seven years. The Senate voted 71-23 to concur in House amendments that were made on top of changes the Senate made earlier to HR 1865. The House signed off on… Continue reading Congress Approves Seven-Year TRIA Extension
Spending Bill Includes Repeal of ObamaCare Taxes, Flood & Terrorism Extensions
Congress is planning to use a $1.4 trillion package of two must-pass spending bills to repeal Obamacare taxes, raise the age for tobacco purchases to 21 and extend the U.S. Export-Import Bank for seven years, according to legislation released Monday. The negotiations continued up until the last minute on the bills, which needs to pass… Continue reading Spending Bill Includes Repeal of ObamaCare Taxes, Flood & Terrorism Extensions
House Passes Bill to Reauthorize Terrorism Risk Insurance Program
The U.S. House of Representatives passed the Terrorism Risk Insurance Program Reauthorization Act of 2019, a bill that will reauthorize the Terrorism Risk Insurance Act for seven years. The bill, H.R. 4634, passed in a House vote of 385-22. It was previously passed unanimously in the House Financial Services Committee, where Rep. Maxine Waters, D-Calif.,… Continue reading House Passes Bill to Reauthorize Terrorism Risk Insurance Program
TRIPRA Remains Crucial to Continued Stability of US Market: Marsh Report
The global property terrorism insurance market remains strong with sufficient capacity to respond to today’s predominant terrorist threats, according to a new report from Marsh, the world’s leading insurance broker and risk adviser. Continued stability of the US property terrorism insurance market, however, is a point of focus as the Terrorism Risk Insurance Program Reauthorization… Continue reading TRIPRA Remains Crucial to Continued Stability of US Market: Marsh Report
Chubb Renews Global Prop Cat & Terrorism Reinsurance at April 1st
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest enhancements in coverage from… Continue reading Chubb Renews Global Prop Cat & Terrorism Reinsurance at April 1st
U.S. Insurers Seek Renewal of Federal ‘Backstop’ Against Acts of Terrorism
U.S. insurers are pushing for the extension of a federal terrorism risk insurance program, hoping to fend off a possible gap that would leave their clients scrambling for alternate coverage. The program, which expires at the end of 2020, was created by the Terrorism Risk Insurance Act. The law was passed after the attacks of… Continue reading U.S. Insurers Seek Renewal of Federal ‘Backstop’ Against Acts of Terrorism
Chubb Partners with Impact Forecasting to Develop New Terrorism Risk Model for New York City
Chubb announced on Friday a partnership with Impact Forecasting, Aon’s catastrophe model development center of excellence, to develop a new terrorism risk model for Manhattan in New York City and other dense urban environments. Risk modelling specialists from Chubb and Impact Forecasting are utilizing a unique approach to model terrorism exposures in order to enable… Continue reading Chubb Partners with Impact Forecasting to Develop New Terrorism Risk Model for New York City
U.K. Bill Allows Pool Re to Cover Non-Damage Business Interruption in the Wake of Terrorism Attack
Pool Re today welcomed Royal Assent being given to the Counter-Terrorism and Border Security Bill 2018 which will allow Pool Re to cover losses incurred if a business cannot trade or is prevented from accessing its premises in the wake of a terrorist attack. Before the law was changed, Pool Re could only reinsure losses… Continue reading U.K. Bill Allows Pool Re to Cover Non-Damage Business Interruption in the Wake of Terrorism Attack