The (re)insurance sector does not have the capital necessary to withstand high-loss scenarios that involve nuclear, biological, chemical or radiological weapons, according to a report from Guy Carpenter & Co. LLC, a global risk and reinsurance specialist. And recent legislation to reauthorize the Terrorism Risk Insurance Act has garnered support from insurance industry groups.
The proposed legislation raises the program trigger for terrorist attacks other than nuclear, chemical, biological and radiological to $500 million from $100 million by 2019, which insulates taxpayers from program activation, according to Rep. Randy Neugebauer (R-Texas), chairman of the Insurance and Housing Subcommittee, who introduced the bill.
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