Currently, legislation (H.R. 508) introduced by Representative Michael Grimm (R-NY) and Representative Carolyn Maloney (D-NY), that would extend TRIA for 5 years past the 2014 expiration date, is the only TRIA renewal bill in Congress.
As a follow-up to yesterday's posting about CIAT/Marsh's report detailing the current terrorism insurance market, below are some additional findings:
- The percentage of companies buying property terrorism insurance has remained constant since 2005 and has been in the low 60% range since 2009. However, financial institutions have one of the highest take-up rates, last year at 75%.
- The percent of property insurance terrorism coverage costs has been falling for financial institutions and currently stands at 4% for 2012, down from 6% in 2011.
- Larger companies are more likely to purchase property terrorism insurance, and also to see the lowest cost as a percentage of overall property premiums.