Insurance Blog

A newly released I.I.I. white paper observes that recent developments such as the attempted SUV bombing in New York City’s Times Square and the March 29 Moscow subway bombings are propelling terrorism into the headlines once more and reaffirm the risk facing insurers.
With this in mind, we note that the U.S. Department of the Treasury has issued a federal notice seeking comments on the long-term availability and affordability of terrorism insurance.
Hat tip to National Underwriter which reports on the Treasury’s request for feedback here.
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 President’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 […]

Read the rest of this great post here

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A newly released I.I.I. white paper observes that recent developments such as the attempted SUV bombing in New York City’s Times Square and the March 29 Moscow subway bombings are propelling terrorism into the headlines once more and reaffirm the risk facing insurers.
With this in mind, we note that the U.S. Department of the Treasury has issued a federal notice seeking comments on the long-term availability and affordability of terrorism insurance.
Hat tip to National Underwriter which reports on the Treasury’s request for feedback here.
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 President’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 […]

Read the rest of this great post here

A federal judge has approved a renegotiated settlement to compensate about 10,000 workers whose health was damaged during the rescue and clean up at the World Trade Center following the terrorist attack of 9/11.
The new $712.5 million settlement increases payouts to those injured and caps the fees going to plaintiffs’ attorneys.
It comes a little more than two months after U.S. District Judge Alvin K. Hellerstein ordered the parties to renegotiate a deal saying that too much of the original $657.5 million settlement was going to plaintiffs’ attorneys and not enough to the victims.
Under the new deal plaintiffs’ attorney fees are capped at 25 percent, adding $50 million to the fund, the WTC Captive Insurance Co is paying an additional $50 million to $55 million in cash, and New York City is waiving certain workers’ compensation liens. As a result of those savings, the payout to WTC plaintiffs will increase by […]

Read the rest of this great post here

A federal judge has approved a renegotiated settlement to compensate about 10,000 workers whose health was damaged during the rescue and clean up at the World Trade Center following the terrorist attack of 9/11.
The new $712.5 million settlement increases payouts to those injured and caps the fees going to plaintiffs’ attorneys.
It comes a little more than two months after U.S. District Judge Alvin K. Hellerstein ordered the parties to renegotiate a deal saying that too much of the original $657.5 million settlement was going to plaintiffs’ attorneys and not enough to the victims.
Under the new deal plaintiffs’ attorney fees are capped at 25 percent, adding $50 million to the fund, the WTC Captive Insurance Co is paying an additional $50 million to $55 million in cash, and New York City is waiving certain workers’ compensation liens. As a result of those savings, the payout to WTC plaintiffs will increase by […]

Read the rest of this great post here

The thwarted car bomb attack in New York City’s Times Square on Saturday night is the latest in a series of incidents (such as the March 29 Moscow subway bombings and the thwarted Christmas Day bombing on board a U.S.-bound flight) that are propelling terrorism into the headlines once more and reaffirm the risk facing insurers.
The Wall Street Journal reports that counterterrorism experts say the car bomb attempt and other recent plots against U.S. targets may indicate a shift to small-scale strikes that are harder to detect in advance. While investigators have said the crude explosives don’t indicate much explosives expertise, the WSJ article cites counterterrorism experts saying that the construction of the car bomb was similar to that used in an attempted attack on a British nightclub in 2007 and also bears resemblance to plans for further al Qaeda-linked attacks using vehicles packed with gas cylinders.
A New York Times […]

Read the rest of this great post here

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