AAIS Takes Terrorism Re Poll Online
NU Online News Service, Sept. 6, 10:43 a.m. EST? An insurance advisory group is polling insurers online to see how their businesses are dealing with the issue of personal lines terrorism reinsurance.
The survey, prepared by the American Association of Insurance Services, based in Wheaton, Ill., asks companies to respond to up to six questions.
Carriers can access the survey on the AAIS Web site–www.AAISonline.com. The group said responses to the survey will be reported to the Legal Issues Ad Hoc Group of the National Association of Insurance Commissioners.
AAIS said the survey follows an Aug. 29 conference call with the National Association of Insurance Commissioners, the purpose of which was to discuss the appropriateness of terrorism exclusions in personal lines.
During the conference call, according to AAIS, the NAIC members expressed a desire for updated information regarding the availability of reinsurance for terrorism in personal lines.
In response, AAIS advised the NAIC that it would conduct a survey, compile the responses, and make the compiled data available to the NAIC.
The group said that all admitted primary carriers are invited to respond by next Tuesday, Sept. 10. Responses will be aggregated, and no insurers will be specifically identified, AAIS said.
Insurers are asked if their present personal lines reinsurance contract, or renewal of it, excludes or restricts coverage for terrorism losses. If the answer is yes, the poll asks for a description of the exclusion or limitation.
If an insurer responds that their reinsurance contract excludes coverage for terrorism losses, they are asked if they have any other outlets for reinsuring against terrorism losses in personal lines.
Insurers that say they do have other outlets are asked why they didn't use them. The poll asks carriers if the amount of personal lines reinsurance available has been reduced, and, if so, what is the nature of the reduction.
AAIS describes itself as a product development resource for more than 600 property-casualty companies that use its policy forms and manuals.
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