Category Archives: Terrorism

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Piracy Incidents Down

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Steps taken by the international maritime community have paid off, reducing the threat of piracy in the Arabian Sea’s Gulf of Aden, according to the Allianz Global Corporate & Specialty Safety and Shipping Review 2014. The number of ships seized and hostages taken was down significantly in 2013. According to the International Maritime Bureau (IMB), piracy at sea is at the lowest level in six years—264 attacks were recorded worldwide in 2013, a 40% drop since Somali piracy peaked in 2011. There were 15 incidents reported off Somalia in 2013, including Gulf of Aden and Red Sea incidents—down from 75 in 2012, and 237 in 2011 (including attacks attributed to Somali pirates in the Gulf of Aden, Red Sea and Oman).

But while the number of incidents in this region has gone down, piracy attacks in other areas have increased in frequency, notably Indonesia and off the west coast of Africa. While most of these Indonesian attacks remain local, low level opportunistic thefts carried out by small bands of individuals, a third of the incidents in these waters were reported in the last quarter of 2013, meaning there is potential for such attacks to escalate into a more organized piracy model unless they are controlled.

The Gulf of Guinea region accounted for 48 of the 264 incidents in 2013. Of these, Nigerian pirates and armed robbers were responsible for 31 incidents, including two hijackings, 13 vessel boardings and 13 vessels fired upon. One crew member was killed and 36 kidnapped—the highest number of Nigerian kidnappings for five years, according to the IMB.

House Republicans Draft TRIA Proposal Could Mean Big Changes to Come

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Last week, Rep. Randy Neugebauer (R-TX), Chairman of the House Insurance Subcommittee, released to his fellow Republicans a draft proposal to extend the federal terrorism insurance program. That proposal, now made public, would bring drastic changes to a program that has helped to stabilize the market since its 2002 creation. At this point, the proposal is only in outline form with bill language expected over the next few weeks.

The proposal, entitled the Terrorism Risk Insurance Modernization Act of 2014, would extend the TRIA program for only three years while significantly increasing the program trigger limit to $500 million from $100 million, for non-NBCR events, and reducing the annual government assistance cap from $100 billion to $75 billion. The government’s co-share of losses would decrease from its current 85% to 75% beginning in 2017, for non-NBCR events. The government’s responsibility and trigger would remain the same for NBCR certified acts.

The industry has been expecting adjustments to be made to TRIA, upon its extension; however, the numbers included in the Republican proposal are more drastic than many envisioned. Beyond concerns with the changes to the program trigger and co-share percentages, there are additional concerns with language in the proposal allowing for small insurers to opt-out and an implication that domestic terrorism events would no longer be covered by the program.

The requirement that insurers offer terrorism coverage is the backbone of the program, and allowing some insurers to opt-out of offering such coverage could lead to reduced capacity and higher prices for consumers. Excluding domestic terrorism would also be a mistake, as history has shown us that terrorists can come from inside and outside the United States.

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If there is a positive in the House Republican proposal, it is in changes to the certification process. Many industry groups, including RIMS, have been asking for a timeline for events to be certified as “acts of terrorism.” The proposal includes a deadline of 90 days.

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The House Republican proposal is a far cry from the recent Senate agreement. That bi-partisan legislation, S.

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2244, would extend the program for seven years while making much smaller adjustments to the program. If both chambers pass bills along current lines, then the conference committee would have a lot of work to do in order to rectify the two pieces of legislation into a compromise extension.

New Reports Support Call for TRIA Extension

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Two recent reports from the Presidential Working Group (PWG) on Financial Markets and Marsh & McLennan Companies support the argument for a long term extension of the federal Terrorism Risk Insurance Program, otherwise known as TRIA. The much anticipated report from the PWG draws upon comments from many industry groups and interested parties, including RIMS, while the Marsh report is a follow-up to a similar report issued in May 2013.

The “2014 Marsh Terrorism Risk Insurance Report,” released Tuesday, states that “if Congress does not renew or extend the federal backstop, the market dynamics for terrorism insurance will be disrupted and will likely result in increased pricing and limited capacity.” Marsh’s support for a long-term extension of the program is in line with the majority of the insurance industry as TRIA nears its December 31, 2014 expiration. “The potential for adverse economic consequences due to limited or unavailable terrorism insurance should be an impetus for quick congressional action to reauthorize [TRIA].”

Similarly, the PWG study, required by TRIA legislation, made several findings relating to the need for extending the program:

  • Insurance for terrorism risk currently is available and affordable;
  • Prices for terrorism insurance have declined since TRIA was enacted;
  • Take-up rates have improved since TRIA’s passage;
  • The market is currently tightening in light of TRIA’s uncertain future;
  • The private market does not have the capacity to provide reinsurance for terrorism risk to the extent currently provided by TRIA; and,
  • Terrorism insurance would likely be less available should TRIA be allowed to expire

Bi-partisan legislation was recently introduced in the Senate that would extend TRIA for seven years; however, the industry continues to eagerly await legislation from the House Financial Services Committee leadership. While the Senate bill reforms the program, many expect House leadership to ask for more far reaching changes.

Senators Reach Deal on TRIA Extension

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Key U.S. Senators have announced a bi-partisan agreement on a long term TRIA extension. Senators Charles Schumer (D-NY), Dean Heller (R-NV), Jack Reed (D-RI), Mark Kirk (R-IL), Chris Murphy (D-CT) and Mike Johanns (R-NE) are the cosponsors of the legislation that is expected to be introduced in the next day or two.

“In a post-9-11 New York, terrorism risk insurance has proven to be an absolutely essential partnership between the government and the private sector that has turned rebuilding downtown Manhattan from a question to a certainty,” said Senator Schumer. “But there is still more to be done and this crucial bipartisan plan will reauthorize and extend the Terrorism Risk Insurance Act before it expires at year’s end. Redevelopment and economic growth should be encouraged in New York and other high-risk areas across the country, even in the face of unfathomable terrorist events, and I will work with my colleagues to get TRIA passed this year to preserve this essential tool.”

“Chicagoans believe it is our birthright to stand in the shadows of the tallest buildings in the world,” Senator Kirk said. “With its private-public partnership, TRIA will better protect the economy from terrorist harm while protecting taxpayers from financial risk.”

The Senate legislation would extend the program for seven years while raising the recoupment amount from $27.5 billion to $37.5 billion and increasing the industry’s copay amount to 20% from 15%.

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These changes would be phased in over the next five years.

While reaching a deal in the Senate is a key step in getting TRIA passed, and welcome news to advocates of a long-term extension, including RIMS, there is still a long way to go before an extension is passed. The Senate version must still go through the full Senate process, while, on the House side, there continues to be significant resistance from House Financial Services leadership, including Representatives Jeb Hensarling (R-TX) and Randy Neugebauer (R-TX), who remain skeptical of the program. Any bill from the House Financial Services Committee is expected to include more far reaching adjustments to the program.

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