A newly released I.I.I. white paper observes that recent developments such as the attempted SUV bombing in New York CityÃ¢â‚¬â„¢s Times Square and the March 29 Moscow subway bombings are propelling terrorism into the headlines once more and reaffirm the risk facing insurers.
In the notice, the Treasury said the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (which extended TRIA until December 31, 2014), requires the PresidentÃ¢â‚¬â„¢s Working Group on Financial Markets to perform an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk.
The working group is required to submit a report to Congress this year and another report in 2013. It is conducting its analysis in consultation with the National Association of Insurance Commissioners (NAIC), representatives of the insurance industry, the securities industry and representatives of policyholders.
These parties have 45 days to submit comments either electronically through the Federal eRulemaking Portal or by mail to the TreasuryÃ¢â‚¬â„¢s Office of Financial Institutions Policy.
Meanwhile, a new report by Guy Carpenter reveals that as the ninth anniversary of the 9/11 attacks approaches, the threat from terrorism continues to pose a risk to the re/insurance industry. Guy Carp says: