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insurance

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by

TASHA MAKHIJA

on 15 January 2013

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Transcript of insurance

Terrorism Risk Insurance Act (TRIA) The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism.
TRIA created a U.S. government reinsurance facility to provide reinsurance coverage to insurance companies following a declared terrorism event.
TRIA established the Federal Terrorism Insurance Program to administer a system of shared public/private compensation for insured losses resulting from acts of terrorism in order to protect consumers and create transitional period for private insurance markets to stabilize. Specialist insurance for Iraq, Afghanistan and other high risk markets AAIB is the leading and largest international insurance broker licensed to operate in Iraq. We specialize in insurance for individuals and organizations operating in emerging and high risk countries across the Middle East and Africa.
From War and Terrorism, Kidnap and Ransom and Emergency Evacuation cover to international Cargo, Construction or Liability Insurance. They have cost effective insurance solutions that are tailored to the testing environments that you operate in. Introduction to Terrorism Insurance: Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terroristactivities.
It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very difficult to predict and the potential liability enormous.
This combination of uncertainty and potentially huge losses makes the setting of premiums a difficult aspect.
Most insurance companies therefore exclude terrorism from the insurance coverage.
Terrorism coverage is provided as an additional cover to all risks underwritten under fire, engineering and property damage Features of Terrorism Insurance Some of the salient features of terror cover as an add-on are:
Terrorism cover is taken as add on cover by payment of additional premium at the option of the insured.
The sum insured opted for can include material damage & business interruption.
The maximum aggregate loss may vary from company to company.
The premium charged will vary based on the risk occupancy (i.e. industrial/non industrial /residential) and on the sum insured.
Mid-term inclusion of terrorism coverage is not allowed.
Terrorism cover has to be taken only in conjunction with property or engineering covers Introduction to Terrorism Insurance Terrorism insurance package launched for Thai businesses Political riots and widespread torching have also led foreign reinsurers to think twice about quoting (premiums), as such events have never happened before in Bangkok.
Terrorism insurance first emerged in the local market about six years ago. Unrest in Thailand's restive southern border provinces led Thai Reinsurance, through its partnership with Bangkok Insurance, to develop terrorism coverage for both individuals and property as an addition to personal accident and property policies.
In general, the premium for terrorism coverage was then around 0.5 per cent of the sum insured increasing to about 1 per cent of the sum insured. India Market Terrorism Pool (IMTP) The General Insurance Company manages a pool of fund for terror insurance of Rs 1,200 crore.
IMTP set up after 9/11 attack in US
The pool actually covers companies/institutions for a liability of Rs 750 crore Salient Features Add-on Rider
The sum insured opted for can include material damage & business interruption.
The maximum aggregate loss may vary from company to company.
The premium charged will vary based on the risk occupancy.
Terrorism cover has to be taken only in conjunction with property. Are there standalone terrorism insurance policies in India? The answer is NO-
Offered as add-ons & riders
Soon to be introduced as Standalone
Provided with travel, motor, marine and almost all non-life insurances as a rider.
Growing terror attacks may soon convert it from rider to standalone Why you should care? Limitations to Terrorism Insurance The act is committed as part of a Congressionally-declared war.
The property and casualty insurance losses from the act are less than $5 million.
TRIA coverage applies to commercial property and casualty insurance. It does not apply to personal insurance, such as homeowners’, automobile, or life insurance By law, the TRIA Program does not apply to: Federal or private crop or livestock insurance;
Private mortgage insurance, or title insurance;
Insurance for medical malpractice;
Health or life insurance, including group life insurance;
Federal flood insurance; Marketing of Terrorism Insurance: 1. Select area;
2. R&D;
3. Make the company visible;
4. market your product. Thank you..!
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