June 11th, 2014

Review of Terrorism’s Impact on Insurance and Technology

Posted at 1:00 AM ET

Here we update our review of some recent GC Capital Ideas stories related to the issue of terrorism, addressing the impact on both the insurance industry and technology:

New Marsh Report: Need for Terrorism Insurance Strong: A new report released by Guy Carpenter parent company, Marsh, confirms that demand for terrorism insurance remains strong and the existence of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) plays a key role in making coverage available and affordable.

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Chart: Countries Operating Compulsory or Optional Terrorism Pools:  A summary of the compulsory and optional terrorism pools that operate around the globe.

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Range of Cyber Risks: Cyber risks range from legal liability and computer security breaches to privacy breaches of confidential information. Data breaches typically involve the intent to either copy, extract or destroy data. However, the risks that companies face transcend simple data incidents and often include the broader range of perils associated with the structural vulnerability of our economy to failures of technology generally. Further risks include cyber extortion, cyber terrorism, loss of revenue due to a computer attack, recovery costs, reputational damage and supply chain disruption.

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