The non-renewal of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) has far-reaching implications, as the federal backstop will be unavailable to traditional insurers as well as to US-based captive insurers. In the latest Market Update, Lockton provides expertise on what this means not only on a broader scale, but how it may affect clients’ insurance programs.
As the issue unfolds, Lockton remains in constant contact with key senior carrier executives and industry associations as it advocates for a retroactive Jan. 1, 2015 reinstatement of TRIPRA when Congress reconvenes.
Concerning the overall commercial insurance market, heading into 2015 it is becoming more competitive. Capacity remains plentiful, although much depends on each client’s individual risk characteristics and loss history.
As carriers fight to retain renewals and secure new business, the advantage goes to the buyer. Markets are even more willing to negotiate on terms and conditions as an added point of differentiation. With carrier appetites broadening, greater flexibility with terms and conditions, and increased capacity, the market remains highly competitive for the foreseeable future.
Read more about these developments as well as special updates in cyber, healthcare, international, energy, and construction in Lockton’s newest Property & Casualty Update.