The recent bombing at the Boston Marathon serves as a stark reminder that mass violence, whether a result of terrorism or other acts, remains a critical threat for organizations. And while the Boston event has not yet been classified as an act of terrorism under federal law, it comes as Congress is headed into a period of debate about whether to reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).
If TRIPRA is allowed to expire — or is extended but substantially modified — there may be fewer insurers offering terrorism insurance and prices potentially could increase, according to Marsh’s 2013 Terrorism Risk Insurance Report.