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TRIA Is Not a Government Bailout

The following is an excerpt from the RIMS executive report “Terrorism Risk Insurance Act: The Commercial Consumer’s Perspective.” The report is available for download here.

Much of the skepticism surrounding the need for the Terrorism Risk Insurance Act (TRIA) stems from nega­tive perceptions of the government bailouts handed out to various finan­cial institutions in 2008-2009 and the view that TRIA is a similar bailout for the insurance companies; TRIA, however, differs significantly in that the government’s role in TRIA is to act as a reinsurer, and not as a major creditor as was the case with the financial institution bailouts.

Reinsurance is a risk management tool that allows the primary insurer to shift certain risks to the reinsurer to reduce volatility, allow coverage of large risks and to free up capacity for the insurer. With TRIA the govern­ment is essentially acting as reinsurer. The government assumes some of the market terrorism risk and agrees to pay a portion of the losses over the $100 million threshold discussed earlier. The ability of the private market to shift some of the risks to the government in the event of a loss frees up capacity for the insurers, which is then made available to the consumer. Without the government acting in a reinsurance capacity, the private market would be forced to assume the entire risk, which would likely lead to little or no capacity at higher prices, particular in high risk areas.

It is important to note that the program only costs the government money in the event that the $100 million + 20% deductible threshold is reached. If losses remain below this level in any given year, then the private market is responsible for the entirety of those losses. Since TRIA’s enactment in 2002 the government has not made any expenditures outside of minimal administrative costs associated with setting up the program.

If the $100 million + 20% deductible threshold is reached, and the gov­ernment begins to pay its share of losses, there is a mechanism in place for the government to recoup those expenditures. In the years follow­ing the federal sharing of losses, but prior to September 30, 2017, the Secretary of the Treasury is required to institute a surcharge on insur­ers to recoup 133% of the claims paid by the government. This man­datory recoupment does not apply if the insurance industry’s aggregate uncompensated losses exceed $27.5 billion; however, the Treasury Secre­tary does retain the authority to apply a surcharge at his/her discretion.

TRIA’s Impact on Workers Comp

Because of the significant financial impact of the Sept. 11, 2001 terrorist attacks, Congress created the Federal Terrorism Risk Insurance Act (TRIA). Its purpose is to provide a financial backstop to the insurance industry that would cap losses in the event of another large-scale terrorist event. TRIA was initially set to expire at the end of 2005, but it has been extended twice and is now set to expire Dec. 31, 2014.

When most people think of TRIA, they think of property insurance. Without TRIA, many high-profile properties would be difficult to insure in the commercial marketplace. However, TRIA also plays an important role in workers’ compensation coverage, and its pending expiration is already impacting some renewals.

Workers’ compensation insurers are particularly concerned about large accumulations of employees in small areas, also known as employee concentrations.

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When carriers model employee accumulations, they not only look at a single employer’s concentrations, but also their aggregate accumulation exposure for all their policyholders in a particular zip code or city and in some cases across multiple correlated lines of business. Because workers’ compensation underwriters are required to provide terrorism coverage by law, the only way to limit their exposure is to reduce the amount of capacity they offer.

If TRIA is allowed to expire or is modified significantly, employers in certain cities and industries with large employee concentrations will likely experience capacity shortages.

In fact, the uncertainty around TRIA’s reauthorization is already leading some workers’ compensation carriers to decline or non-renew risks in certain geographical areas, or ask for large rate increases.

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The healthcare, public entity, higher education, and financial sectors are particularly affected by employee concentration issues at the moment.

To mitigate the impact of TRIA’s uncertainty, employers should differentiate their risk. Since both insurers and reinsurers use catastrophic models to estimate their loss potentials, it is critical that employers provide the highest quality of exposure data to help distinguish their risk profiles from their peers.

Additionally, companies with multiple shifts or those that operate in a campus setting should make sure to report both the total number of employees and the number of employees working during peak shifts—as well as the actual buildings where the employees are located. The number of employees working during peak shifts is the actual exposure to a terrorist event, not the total number of employees.

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Also, companies with a large percentage of their workforce in the field or telecommuting, rather than in the office where their payroll is assigned, should give this information to insurers. Providing very detailed information can help overcome some potential pitfalls of the catastrophic models and better reflect an employer’s exposure to catastrophic losses.

Employers with a large concentration of workers, especially those in major metropolitan areas, should be prepared to provide the following information to underwriters:

  • Employee marital or dependency status, including dates of birth for dependents.
  • Employee telecommuting/hospitality practices and impact on concentration.
  • Physical security of the building, including information about guards, surveillance cameras, parking areas, and HVAC protections.
  • How access to the building is controlled.
  • Construction of the building and location of the offices.
  • Management policies around workplace violence, weapons, and employment screening.
  • Employee security procedures.
  • Emergency response/crisis management plans and procedures.
  • Fire/life safety program.
  • A list of security staff.

As we move into 2014 without Congressional action on TRIA, the reaction of the marketplace is expected to become more pronounced. It is imperative that employers prepare to address the concentration issues with their carriers. This will help lessen the impact of these concerns and position employers to receive optimal terms on their risk management programs.

Security a Focus after N.J. Mall Shooting

The most recent mall shooting, just a few days ago at the Garden State Plaza in N.J., again heightened the focus on risk management and security nationwide.

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Parents have trusted that malls would be safe for teenagers to meet with friends, but places for public gathering can become targets for violence. The pressure is on for organizations to examine their security measures and contingency plans.

David Boehm, with Security USA said in an interview with CBS New York that the U.S. can learn from security experts in Israel. Similar to Israel, he said, our country heading in the direction of having officers stationed at entrances and exits to malls.

In an article written for Security Management, Donald W. Story, a former police chief and director of corporate security for two major shopping center developers observed that if even one shopping center is targeted in the U.S., all malls will be seen as unsafe. The public will need to be reassured, and “for that reason, it is imperative that every mall manager begin to think about how security should respond to an attack.”

The Israeli model offers lessons for U.S. malls in contingency planning, he said, adding that shopping malls, considered “soft targets” in Israel, are monitored externally by motorized and foot patrols. Vehicles entering mall property are subject to search, as are people entering malls. To do this, officers use explosion detection technology, including bomb sniffing dogs, he said, adding that unlike many mall security guards in the U.

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S., all Israeli security are armed.

Going by the Israeli model, contingency plans should be incorporated and implemented only if a heightened security posture is needed, he said.

Good contingency plans should examine coverage of the shopping mall, access, reassignment of staff’s tasks and deliveries and contractors in case of an emergency, Story said. Preventative measures should also be in place.

Because obtaining additional security officers and relying on local police for assistance might be difficult, an option would be for security officers and other staff to work longer shifts under predetermined circumstances, Story said.

The plan should address shopping center access, under what circumstances the mall would heighten control over entry, and how this would be done. Since many malls would not have adequate staffing to monitor all entrances, for example, the plan might call for closing some entrances under an elevated threat level.

Similarly, the safety plan should determine under what conditions the use of explosive-scanning technology and/or bomb-sniffing dogs would be warranted—and how this equipment would be obtained in an emergency.

Because officers would be taken from their normal duties during an emergency, minor security tasks could instead be completed by management, operations or housekeeping staffs.

Deliveries should be restricted to specific time periods when the appropriate employees are available to verify documentation, he said. Contractors, their supplies and materials should also be checked.

Officers would need to be trained to recognize certain behaviors and intercept potential terrorists. Story said they would also need instruction on proper procedures for making these assessments without being accused of profiling.

He added that some mall properties have already taken moderate and inexpensive steps to tighten mall security. Those include fire lane parking enforcement, visible waste containers, limited and guarded access to roof hatches and closer monitoring of deliveries and contractors. The Garden State Plaza, which has been praised for its preparedness, instituted security training on Sundays when the mall is closed. Shop owners also followed protocol, locking customers inside stores for safety.

Can Britney Spears Ward Off Piracy?

Britney Spears

Pirates remain a notable risk for businesses that involve maritime activities like shipping for supply or distribution. While it’s easy to dismiss the idea with images of wooden ships, gangplanks and a thoroughly unwashed Johnny Depp, the face of piracy has changed, but it has far from disappeared.

In the last decade, increased pirate activity out of war-torn Somalia have drawn considerable media attention, especially as hundreds of ships were attacked and dozens hijacked and their crews held hostage. Pirates earned an average of $4.87 million per ship in 2011, a huge financial toll for businesses that was only compounded by rising need for kidnap and random insurance for crews.

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Yet the Horn of Africa and the Suez Canal are not the most perilous seas. Australia’s News Limited reported, “Shipping industry figures show that the waters around Indonesia and the Malay Peninsula is the world’s hotspot for pirates.

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” The International Maritime Bureau found that Indonesia has experienced a more than 50% surge in pirate attacks in the first half of 2013. Of the 48 attacks reported, 43 involved pirates boarding vessels and assaulting the crew. West Africa has also grown as a hotspot, and the Control Risks RiskMap Maritime 2013 also highlighted high conflict potential at sea off South Korea, Nigeria, and Bangladesh.

RiskMap Maritime 2013Some experts are turning to more creative measures to ward off pirates, Time magazine reported this week. To deter pirates from approaching supertankers off the east coast of Africa, merchant navy officer Rachel Owens said ships have begun blasting the musical stylings of Britney Spears.

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“Her songs were chosen by the security team because they thought the pirates would hate them most,” Owens said. “These guys can’t stand Western culture or music, making Britney’s hits perfect.”

It’s a colorful approach to consider, especially as Hollywood turns a spotlight on mismanaged pirate attacks with the new Tom Hanks movie “Captain Phillips.” Let’s just not take it too far – as Steven Jones, of the Security Association for the Maritime Industry, told Time, “I’d imagine using Justin Bieber would be against the Geneva Convention.”