Insurers Must Report Terrorism Data by May 15

ISO will collect, aggregate, and help analyze terrorism data for the U.S. Department of the Treasury that, starting this year, will be required from insurers participating in the federal Terrorism Risk Insurance Program (TRIP). ISO is a Verisk Analytics business.

ISO will collect a variety of data, including premium, exposure, and policy information for 2016, from approximately 900 insurers participating in the Terrorism Risk Insurance Program. The program, initially established in 2002 by the Terrorism Risk Insurance Act (TRIA), requires insurers to make available terrorism risk insurance with respect to commercial property/casualty losses and provides a mechanism for the federal government to share the risk of loss from terrorist attacks.

Treasury representatives have indicated that the initial deadline for insurers to report data is May 15.

“The federal Terrorism Risk Insurance Program plays a key role in ensuring that terrorism insurance remains available in the United States,” said Beth Fitzgerald, president of ISO Solutions. “We are honored that the Treasury Department has recognized our long history of managing regulatory data calls and trusts ISO to deliver high-quality results in an effective and efficient manner.”

Last year, the Treasury Department requested, but did not require, that insurers submit data under Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA). This year, insurers participating in the Terrorism Risk Insurance Program are required to submit data as identified by the Treasury Department in the Federal Register. Reporting insurers should register at https://www.tripsection111data.com/.

ISO provides an array of tools and information to help insurers address terrorism exposures and changes in federal legislation. To learn more, visit www.iso.com/tria.

Source: ISO