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Morningstar DBRS commentary discusses how terrorism insurance backstops have evolved since the September 11 attacks that disrupted the insurance industry and prompted government intervention. |
Key highlights include: The September 11 attacks caused roughly $60 billion in insured losses in today's dollar value. The second-largest insured loss event in the U.S. after Hurricane Katrina.
In 2022, U.S. Congress enacted the Terrorism Risk Insurance Act, creating a public-private reinsurance backstop to stabilize the market.
Emerging risks are expanding the scope of terrorism insurance. In some pools and backstops schemes, losses from cyber terrorism and now covered.
"For insurers, the anniversary of the September 11 attacks reinforces the importance of managing exposure concentrations, catastrophe scenarios, and contract certainty, including those caused by cyber terrorism", said Marcos Alvarez, Managing Director of Global Financial Institution Ratings. "In a more volatile geopolitical environment, cyber operations could broaden the transmission of political motivated disruption. A destructive attack on shared cloud services, payments infrastructure, or electricity networks could generate correlated losses among geographically dispersed policyholders." Morningstar DBRS Commentary Terrorism Insurance: 25 Years After September 11
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