IRMI Update—Issue #128
An E-mail Newsletter for Risk and Insurance Professionals
ISSN: 1530-7948
January 11, 2006
In This Issue
Colleague,
The 2-year extension of TRIA hurriedly passed and signed into law last month
gives insurance buyers and sellers a temporary reprieve from the challenges
of handling terrorism exposures without a federal backstop. The effort exerted
by the risk management community and their insurers in making this happen was
impressive. Frankly, considering Treasury's negativism toward TRIA last summer,
I didn't expect them to succeed.
Nevertheless, the lack of leadership in the industry in developing a creative
long-term solution to the problem of insuring terrorism risks has been disappointing.
Congress intends for TRIA to be temporary, and counting on another extension
2 years from now would be foolish. The risk management community and insurers
need to rise to the occasion, develop some consensus of what should be done,
and work toward implementing a solution to the problem. To succeed this process
must begin now, not 6 months prior to the next expiration of TRIA, and I fear
this won't happen.
What are your thoughts about solving the terrorism insurance dilemma? Does
your crystal ball foretell the industry coming together to develop an innovative
solution? If so, who will lead this effort, and what will the solution look
like? If not, what will be the state of terrorism insurance come January 2008?
[See reader responses.]
On another note, IRMI.com has once again been honored by Business Insurance magazine in its annual
Best of the Web review as one of the top sites on the Internet for risk management
information. The editors of BI are not alone in this conclusion as risk professionals
from around the world visited IRMI.com nearly 1.4 million times last year. We
are flattered by this recognition, and want to thank our many expert commentators
who have so unselfishly shared their knowledge with you. We couldn't do it without
them. For a list of all the IRMI.com expert commentators, past and present,
see our Expert Commentator section.
Lastly, thank you for subscribing to IRMI Update. Please forward this IRMI
Update to your business associates with your recommendation to subscribe by
going here.
Thanks again and best wishes for a happy, healthy, and prosperous New Year.
Jack
Jack P. Gibson, CPCU, CRIS, ARM
President
IRMI
We have recently updated a number of the reference manuals in the IRMI library
and published new issues of
The Risk Report and
Captive Insurance Company
Reports. To make sure you don't miss any of this new information
take 30 seconds to scan the "What's New" summary page.
For IRMI
Online and Print Subscribers.
For SilverPlume
Sage subscribers.
There are now 743 risk management and insurance articles on IRMI.com. Below
you'll find summaries of some recent additions with links to the articles.
Get the latest news and developments affecting personal lines insurance at
no charge with
Personal Lines Pilot.
This monthly e-mail newsletter is for anyone who works with personal lines insurance.
Just like with IRMI Update, it's easy to sign up and doing
so will not cause you to receive spam.
IRMI Update is sent to subscribers by plain text e-mail twice each month.
To initiate your free subscription, use the e-mail
registration form.