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Marsh: Attempted Times Square Bombing Highlights Need for Terrorism Insurance

Posted on 06 May 2010

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The thwarted plot to blow up a sport utility vehicle in New York's Times Square on May 1 serves as a reminder that the threat of terrorism remains at the forefront of risk management.

The key drivers that influence terrorism insurance pricing include location of risk, insurer’s accumulation of exposure, concentration of exposure, and available market capacity.

Stand-alone rates can, at times, be more competitive than the pricing of embedded terrorism in property programs, and for some clients the stand-alone approach may be appropriate and worthwhile to investigate, according to Tarique Nageer, Marsh Property Specialized Risk Group.

Stand-alone terrorism insurers are regularly monitoring, and reacting to, the evolving global business environment and global terrorism activity.