The Growing Risk of Terrorism Loss

Terrorism insurance covers property damage or business losses associated with an act that the Treasury Department officially certifies as terrorism for insurance purposes.

Before September 11, 2001, insurance companies provided terrorism coverage to commercial customers for free or little charge. In November 2002, Congress enacted the Terrorism Risk Insurance Act, which outlined insurance coverage for terrorist acts. In the years since, insurers have begun to assess the risk of terror, which is largely affected by location. Businesses in major urban areas that are considered potential attack targets are generally viewed as having the highest exposure.

Despite an ever-changing terrorism risk insurance market, businesses from every industry sector continue to purchase coverage as part of a comprehensive risk management program.

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