The nation recently took time out to remember the 13th anniversary of the 9/11 attacks that occured in 2001 in New York City, Washington and Pennsylvania.
And, while this is never part of the recognition of that day, it's worth noting for our purposes in the P&C industry that those attacks were the most expensive terrorist attacks of all time in terms of insured losses, producing losses of about $32.5 billion ($42.9 billion in 2013 dollars). This was the largest insurance loss in global history at the time and losses were paid out across a variety of lines, including property, business interrupton, aviation, workers compensation, life and liability.
As Congress continues to delay renewal of the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), it's a good time to consider the continuing risk of terrorist-related losses, due to new threats from extremist groups like ISIS and others.
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