THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT

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1 WILLIS NORTH AMERICA A Willis Client Advisory Program Overview: THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT

2 A Willis Client Advisory Program Overview: THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT For most U.S. companies, the continued availability of sufficient Property and Casualty terrorism insurance will become a significant issue in the coming months, with the reauthorization of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (formerly known as TRIA) in jeopardy. TRIPRA was initially enacted to stabilize the insurance market and to make available terrorism coverage to consumers. In each of the three times Congress has considered the Act, Congress reiterated that TRIPRA was to be a temporary measure intended to nurture the emergence of a private market solution. To date, a sufficiently robust private insurance market is still developing. TRIPRA provides a backstop to insurers who, in return, must offer terrorism insurance for Property and Casualty lines. Subject to a deductible and program trigger, the government will reimburse insurers for 85% of losses certified as terrorism events by the Department of the Treasury, the State Department and the Attorney General jointly. Policyholders have the option to accept or decline coverage, with the exception of Workers Compensation, which is compulsory. Since the passage of TRIPRA, there have been no certified terrorism events, despite what was considered by the majority of people to have been terrorism at the Boston Marathon. Events have occurred and, for the most part, losses paid under other coverages; however, that has not relieved policyholders of the responsibility to insure against terrorism either by shareholders or lenders and as such, the demand for coverage continues. Currently, TRIPRA sunsets on December 31, However, it appears that further extension of the legislation as expiring is increasingly unlikely. Opposition is based upon the supposition that the increased reinsurance capacity and stand-alone terrorism insurance availability, record surpluses of key insurers and enhanced modeling capabilities to predict terrorism events should mitigate the need for government support. There almost certainly will be changes to the scope of the program. The unfortunate fact is that for most of Congress the renewal of the Act is simply not on the 2013 agenda, and it is feared they will not take up the issue until late in While the House held preliminary hearings mid-september, expectations are that the Senate will not follow suit until spring of 2014 at the earliest. 1

3 The Impact on Policyholders The appearance of conditional terrorism exclusions or sunset provisions in insurance contracts with expiry dates falling past December 2014, allowing for terrorism coverage cancellation if TRIPRA is allowed to expire, is the first indicator of rough waters ahead. With carriers unwilling to confirm terrorism coverage continuity past 2014, terrorism insurance could become highly commoditized, particularly in central business districts, such as New York and Chicago, where risk concentrations are the highest. Furthermore, those companies that have used TRIPRA backstopped captives for terrorism risk transfer will be forced to seek alternative capacity, as captives are defunded, putting more stress on the already inadequate market. We estimate about $200 $300 billion of risk is being written through these captives, which will flood the market in the absence of TRIPRA. Finally, it is important to remember that TRIPRA is not solely a Property issue but will also impact other lines, such as Builders Risk, Liability and Workers Compensation placements. Many Workers Compensation markets will likely stop writing cover in its entirety before writing coverage without the TRIPRA backstop. Changes in the Private Market Since 9/11 The U.S. Property and Casualty industry policyholders surplus has grown from U.S. $290 billion in 2002 to $626.5 billion in , which likely indicates the market s capability to assume greater risk than the current $2.5 billion per risk currently available in the stand-alone terrorism market. Yet reinsurers continue to be wary of deploying additional risk capital on a peril considered difficult to model from a risk aggregation or frequency basis. Statutory Issues Regardless of potential changes in 2014 with respect to TRIPRA availability, statutory requirements in many Standard Fire Policy states still mandate that certain terrorism risks cannot be excluded from cover. Exclusion for the peril of fire following an act of terrorism is still prohibited in California, Illinois, Iowa, Maine, Missouri, New York, North Carolina, Oregon and Washington. Other Standard Fire Policy states (Arizona, Connecticut, Idaho, Louisiana, Michigan, Minnesota, Nebraska, New Hampshire, New Jersey, North Dakota, Oklahoma, Pennsylvania and Rhode Island) now authorize limited terrorism exclusions to the SFP, with Connecticut, Massachusetts, Connecticut, Idaho, Arizona and Oklahoma tying the exclusion to the existence of TRIPRA legislation. Workers Compensation is compulsory in almost all states, and employers need to provide Workers Compensation in most states. Statutorily, carriers that offer Workers Compensation coverage are required to offer terrorism coverage to their clients. However, Excess Workers Compensation carriers are not required to offer statutory limits with each policy. Due to the uncertainty that insurers have with regard to issuing or renewing policies that will be in effect 1/1/2015, NCCI filed Item P-1410, Establishment of Notification Endorsement of Pending Law Change to Terrorism Risk Insurance Program Reauthorization Act of This is a nationwide filing of a notification endorsement that insured can attach to Workers Compensation policies. Sunset clauses and rating issues as noted, conditional terrorism exclusions or sunset provisions have already begun to appear. Rating agencies are pre-emptively canvassing carriers to question solvency issues in the event that TRIPRA is discontinued (for further information refer to: The Treatment of Terrorism Risk in the Rating Evaluation October 08, 2013). 2

4 Planning for the Future We expect, at minimum, a substantial change in the coverage afforded with higher retentions for insurers. Eliminating coverage for what is deemed conventional terrorism altogether and limiting coverage to extended cyber terrorism and nuclear, biological, chemical and radiological terrorism risks are also possibilities. As 2014 approaches, companies are well advised to be proactive in evaluating current terrorism purchasing requirements and making certain that, at a minimum, insurance purchased will address: Maximum foreseeable loss for key properties Maximum requirements under loan agreements Shareholder requirements Fire Following terrorism issues/statutory requirements: We recommend companies engage early in discussions with carriers as to their proposed terrorism positions in the absence of or change to TRIPRA and in seeking stand-alone terrorism insurance options as necessary to ensure requisite coverage continuity Relationship of Terrorist Threats to Particular Lines of Business Threat/Hazard Property/ Liability Business Interruption Workers Compensation Health Life Armed Attack Arson/Incendiary Biological Agent Chemical Agent Conventional Bomb Cyber-terrorism HAZMAT release Nuclear device Radiological agent Surveillance Unauthorized entry = PROBABALE RELATIONSHIP = POTENTIAL RELATIONSHIP Source: Krimgold, Frederick, David B. Hattis, and William I. Whiddon. Insurance, Finance, and Regulation Primer for Terrorism Risk Management in Buildings. N.p.: Federal Emergency Management Agency, n.d. Print. Risk Management. For additional information, please contact your Willis Client Advocate. 1 These results can be found at : 3

5 Willis North America Inc. One World Financial Center 200 Liberty Street, 7th Floor New York New York United States Tel: /11/13

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