Brokers of terrorism insurance say they are seeing more interest in their policies from clients in suburban and rural communities. Market analysts believe this is because clients in these areas are reacting to changes in the nature of attacks, which are increasingly focusing on inflicting mass casualties as opposed to substantial property damage. Whereas business owners and managers in suburban or rural areas might be less concerned about the possibility of their facilities being attacked than their counterparts in large cities, they must contend with terrorists’ increasing tendency to target people wherever they can. “Five years ago, the terrorism conversation followed on the property conversation. It was a property loss issue,” said Scott Bolton, a director of crisis management with insurance company Aon. “There’s a casualty conversation out there reviewing how the casualty program will respond to the unanticipated impacts from terror attacks.” As the market and its players shift and adapt to the changing terrorism landscape, another variable in the mix is the upcoming expiration of the Terrorism Risk Insurance Program Reauthorization Act of 2015, or TRIPRA, approved January 7, 2015, and scheduled to expire on December 31, 2020. Business Insurance.
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