U.S. Treasury requests insurers to submit TRIA data

Information sought includes pricing, take-up rate and private reinsurance

Unlike Canada, the U.S. has a publicly-funded terrorism insurance program, which it renewed last January so it extends to 2020.

By June, the Secretary of the Treasury must submit a report to committees in the Senate and House of Representatives about the overall effectiveness of the program. The report must evaluate changes or trends of collected data, whether any part of the program discourages insurers from participating, how the program affects workers’ compensation, and how much insurers earned in premiums since January 1, 2003.

So the Secretary can write this report, insurers must submit data on their lines of insurance with terrorism loss exposure, premiums earned on this coverage, where the exposures are geographically, how much they charge, the take-up rate, and how much private terrorism reinsurance they purchase.

But the Treasury is requesting, not requiring, insurers to submit this data “in order to avoid inadvertently imposing an unanticipated level of burden on [them] without due consideration.”

The voluntary collection also tells insurers what information the Treasury will seek in the future, and give them time to make any changes necessary for them to comply.

Insurers have until April 30 to submit the information, and can do so through a web portal.

 

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Transcontinental Media G.P.