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Terrorism Insurance - The 2002 Marketplace [Updated June 12, 2002]
"The terrorist attacks of September 11 resulted in the largest insured catastrophic loss in history, estimated to total as much as $70 billion. Even though the insurance industry committed to pay losses resulting from the attacks, industry spokesmen asserted that in view of the impending unavailability of terrorism reinsurance on January 1, 2002, primary insurers would not be able to cover future terrorism losses on renewals of commercial risk policies without a federal backstop. In the 107th Congress, first session, the House of Representatives passed H.R. 3210 on November 29, 2001, providing for a temporary federal backstop. In the Senate, four similar measures were introduced (S. 1743, S. 1744, S. 1748, and S. 1751), but after weeks of negotiations no action was taken. Senate Majority Leader Tom Daschle indicated that backstop legislation would be considered again in 2002. [...] Meanwhile, there are indications that the insurance marketplace will have made strides toward resolving a major part of the terrorism coverage issue and federal legislation may be less likely to have its originally intended impact. [...] This report looks at the terrorism insurance marketplace in 2002 in the absence of federal legislation, the economic outlook for the insurance industry, and the regulatory responses of state insurance officials."
Library of Congress. Congressional Research Service
Woodall, S. Roy, Jr.
2002-06-12
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Terrorism Insurance - The 2002 Marketplace [January 15, 2002]
"The terrorist attacks of September 11 resulted in the largest insured catastrophic loss in history, estimated to total as much as $70 billion. Even though the insurance industry committed to pay losses resulting from the attacks, industry spokesmen asserted that in view of the impending unavailability of terrorism reinsurance on January 1, 2002, primary insurers would not be able to cover future terrorism losses on renewals of commercial risk policies without a federal backstop. In the 107th Congress, first session, the House of Representatives passed H.R. 3210 on November 29, 2001, providing for a temporary federal backstop. In the Senate, four similar measures were introduced (S. 1743, S. 1744, S. 1748, and S. 1751), but after weeks of negotiations no action was taken. Senate Majority Leader Tom Daschle indicated that backstop legislation would be considered again in 2002. Meanwhile, there are indications that the insurance marketplace will have made strides toward resolving a major part of the terrorism coverage issue and federal legislation may be less likely to have its originally intended impact. This report looks at the terrorism insurance marketplace in 2002 in the absence of federal legislation, the economic outlook for the insurance industry, and the regulatory responses of state insurance officials. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Woodall, S. Roy, Jr.
2002-01-15
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Terrorism Insurance in the Post September 11 Marketplace [Updated December 7, 2001]
The insured losses from the terrorist attacks of September 11 are currently estimated to total as much as $70 billion, the largest insured catastrophic loss in history. Although the insurance industry has committed, and appears able, to pay losses resulting from the attacks, it has also warned that it would not be able to absorb such major losses from terrorism in the future. Reinsurers are saying that due to their inability to quantify, underwrite, or price for the escalation of terrorism risks, they will not accept them in future reinsurance contracts. Without this backup reinsurance capacity, primary insurers maintain that they have no choice but to specifically exclude terrorist coverage in all of their future commercial insurance policies. The lack of terrorism coverage after that date could impede the ability of financial services providers to finance commercial property acquisitions and new construction projects. As a result, Congress is considering a temporary government-industry risk sharing program until the private marketplace can adapt to provide the needed coverage.
Library of Congress. Congressional Research Service
Woodall, S. Roy, Jr.
2001-12-07
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