Risk Management Insures Against Terrorism

Representing business insurance policyholders throughout the construction, entertainment, manufacturing, real estate, retailing and transportation sectors of the economy, the Coalition to Insure Against Terrorism (CIAT) is seeking a long-term solution to make comprehensive terrorism risk insurance coverage available and affordable after the expiration of the Terrorism Risk Insurance Extension Act at the end of 2007.

On this organization's blog there's a link to a recent interview in which Terry Fleming, Director of Risk Management for Montgomery County Maryland as well as a member of the Board of Directors of the Risk and Insurance Management Society (RIMS), sat down with the hosts of The REIT Report podcast to discuss the current state of terrorism risk insurance in the United States.

The Real Estate Roundtable has links to testimony given recently to committees of Congress by Roundtable Chairman Christopher J. Nassetta on behalf of the Coalition to Insure Against Terrorism.

His testimony emphasized three points: that the market conditions necessitating creation of a federal terrorism reinsurance backstop in 2002 have not changed; that, as demonstrated in 14 other nations, there is a need for a long-term, public-private partnership with a role for the federal government; and that consumers of terrorism insurance stand ready to assist Congress in devising a workable, appropriate solution.

The Risk and Insurance Management Society has information about the upcoming 2006 Intergovernmental Forum on Risk Management: Case Studies of Effective Implementation in Ottawa, Canada on October 24-25, and the 2006 RMIA National Conference of the Risk Management Institute of Australasia scheduled for November 12-14 in Melbourne, Australia.