TARGETED NEWS SERVICE (based 2004) options non-partisan ‘edited journalism’ information briefs and knowledge for information organizations, public coverage teams and people; in addition to ‘gathered’ public coverage data, together with information releases, stories, speeches. For extra data contact
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To:
RE: 2022 Report on the Effectiveness of the Terrorism Risk Insurance Program, Document Number: 2022-06681
Dear Mr. Ifft,
On
NAMIC is the most important property/casualty insurance coverage commerce group with a various membership of greater than 1,500 native, regional, and nationwide member firms, together with seven of the highest 10 property/casualty insurers in
Terrorism is an ongoing risk to the folks of
NAMIC helps TRIP as a risk-sharing mannequin between insurers, policyholders, and the federal authorities that – as well as to offering a direct stabilizing impact within the short-term following a terrorist assault – has acted to create house for a sturdy non-public marketplace for terrorism insurance coverage to type the place it will not have in any other case. NAMIC helps a long-term non-public/public terrorism insurance coverage program as a result of terrorism is basically an uninsurable danger due to the lack of insurers to predict when occasions will happen and since of the doubtless catastrophic prices of an assault. Indeed, within the absence of the federal program’s backstop, such losses would exceed capability for insurers in addition to affordability for policyholders.
Since there isn’t a expectation that terrorism danger and publicity is diminishing, as it should proceed to expose the general public for an indefinite interval, NAMIC has supported quite a few long-term reauthorizations of the TRIA program. Most just lately, the TRIA program was signed into legislation on
In contemplating some of the questions posed within the request for remark, NAMIC shares a number of high-level remarks. NAMIC doesn’t consider that there are any strains of insurance coverage or coverages inside sure strains of insurance coverage at the moment topic to the Program that not require the assist of TRIP to guarantee the supply and affordability of terrorism danger insurance coverage. Similarly, NAMIC doesn’t presently see any strains of insurance coverage or coverages inside sure strains of insurance coverage at the moment not topic to the Program that needs to be included inside TRIP to promote the supply and affordability of terrorism danger insurance coverage. Also, NAMIC shouldn’t be conscious of any important insurance coverage market adjustments related to the impression of the COVID-19 pandemic which have additionally affected the marketplace for terrorism danger insurance coverage. Finally, with respect to questions concerning the cyber insurance coverage market, the
Thank you for the chance to touch upon this program that’s important to defending the flexibility of the
Sincerely,
General Counsel – Federal
TARGETED NEWS SERVICE (based 2004) options non-partisan ‘edited journalism’ information briefs and knowledge for information organizations, public coverage teams and people; in addition to ‘gathered’ public coverage data, together with information releases, stories, speeches. For extra data contact