InsuranceISO to collect data about terrorism insurance for Treasury Department

ISO will collect, aggregate, and help analyze terrorism data this year for the U.S. Department of the Treasury, the federal agency charged with assessing the effectiveness of the federal Terrorism Risk Insurance Program. ISO is a Verisk Analytics business.

ISO says it will collect premium, exposure, and policy data for 2015 from insurers participating in the Terrorism Risk Insurance Program. The program, initially established in 2002 by the Terrorism Risk Insurance Act (TRIA), requires insurers to make available terrorism risk insurance with respect to commercial property/casualty losses and provides a mechanism for the federal government to share the risk of loss from terrorist attacks.

Beth Fitzgerald, president of ISO Solutions, said that collecting the data is a natural fit for ISO, which develops and maintains one of the largest insurance information databases in the world. Each year, ISO receives data from insurers containing more than 2.8 billion detailed records of property/casualty insurance premiums and losses.

“We’re honored to collect, report, and manage data about terrorism insurance on behalf of the U.S. Department of the Treasury,” said Fitzgerald. “It’s a testament to the knowledge and dedication of our staff and to the confidence that regulators have in using the data we collect because of our strong focus on quality.”

For this first collection of information under Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the Treasury Department announced that it is requesting, but not requiring, that insurers submit data. The deadline for insurers to report data this year is 30 April.