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Since the tragic events of September 11, 2001, ICSC has worked to ensure that our members can obtain comprehensive and affordable terrorism insurance. Due to the Terrorism Risk Insurance Act (TRIA), it has been possible for businesses to purchase terrorism risk coverage continuously since its enactment in 2002. TRIA and its subsequent reauthorizations have helped to keep the US terrorism insurance market stable, contributing to low costs and wide availability. The current bill is due to expire on December 31, 2020.
State of terrorism insurance marketplace
Marsh recently released its “2018 Terrorism Risk Insurance Report,” providing their take on the state of the terrorism insurance marketplace. The full report can be found here. Here are some of the key takeaways:
Federal Insurance Office (FIO) request for comment
A notice was published recently in the Federal Register seeking comments on the effectiveness of the TRIA program for purposes of the Federal Insurance Office’s (FIO) annual report on this issue. The Coalition to Insure Against Terrorism (CIAT) – of which ICSC is a member – has commented on these solicitations in the past and would like to do so again, as the next reauthorization effort will begin in the months ahead.
To aid us in preparing comments, an updated perspective from risk management professionals within the ICSC membership is vital. The notice solicitation can be found here. We encourage you to weigh in on your most recent experiences with TRIA coverage – in particular with regard to standalone terrorism insurance, NBCR availability, and cyber terrorism. Please submit your input to Tyler McIntosh by April 27.