Terrorism risk act poses challenges for US monolines
Higher loss trigger will force smaller insurers to reassess risk appetite
The newly passed US Terrorism Risk Insurance Program Reauthorization Act (Tripra) could leave small, monoline insurance companies without adequate federal support in a terrorist event, a trade association has warned.
Tripra passed the House of Representatives by 416–5 votes on January 7 and the Senate by 93–4 on January 8. It was signed into law by President Obama on January 12. The passage of the act reinstates a federal backstop effectively reinsuring undertakings' terrorism risk exposure
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