Monthly Archives: July 2015

14 July 2014, Commercial property coverage premiums come down – including terrorism coverage

Nancy Crotti recently wrote an illuminating article on the decrease of commercial property coverage premiums for Commercial Property Executive. This included terrorism coverage. Titled, Buyer’s Market – For Now, Ms. Crotti reports that buyers can expect an average 10% drop in premiums this year. Willis, she says, is estimating a drop of between 12.5 – 15% in its premiums. Crotti says the reasons for drop include: Fewer catastrophic weather events that destroy property Low property losses – meaning fewer payouts Hedge funds and other investors “chasing the yield” that has resulted in an influx of cash into this sector Increased competition, particularly from China and London Aggressive price drops by companies aiming to keep clients and market share Regarding terrorism, Crotti says that the U.S. Congress passing the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA, formerly “TRIA”) in January also has driven … Continue reading

29 July 2015, Main hospitality insurance points from Marsh’s venerable 2015 Terrorism Risk Insurance Report

Marsh recently published its 2015 Terrorism Risk Insurance Report, one of the top yearly terrorism insurance reports. Its statistical highlights regarding the Hospitality and Gaming sector are as follows: Terrorism Insurance Take-up Rates for Hospitality and Gaming 2014: 58% 2013: 60% 2012: 60% (See figure 6) Terrorism Insurance Pricing – Median Rates for Hospitality and Gaming (Rate per million) 2014: $32 2013: $22 2012: $41 (See figure 11) Terrorism Insurance Pricing as a Percentage of Property Premium for Hospitality and Gaming 2014: 5% 2013: 3% 2012: 7% (see figure 12) Marsh says that: “Compared with rates in 2013, median property terrorism insurance premiums decreased or stayed the same in 2014” for sectors such as “energy and mining, public entity and nonprofit, and life sciences…” Marsh also points out that: “Rates increased most significantly for media, hospitality and gaming, and construction organizations.” Sources and further … Continue reading

23 September 1990, the Nikko Manila Garden and Mandarin Oriental Hotels, Manila, The Philippines

On 23 September 1990, UPI reports that bombs exploded in two hotels in Manila’s central business district, known as Makati: the Nikko Manila Garden Hotel, and the Mandarin Oriental Hotel. The Nikko blast happened at 2:55 pm in room 947. The explosive device was presumed to have been planted in the bathtub, and the blast caused extensive damage to the room. It also blew glass out into the pool area below where eight people, four children included, sustained slight injuries. The New York Times says that four of the victims were Philippine nationals, and the others were Japanese. The Mandarin blast happened at about 3:55 pm in room 402. It caused no injuries but, like the Nikko blast, severely damaged the room. The bomber checked into each hotel under an assumed name, “Manuel Castillo.” Witnesses say he carried just an attaché case, and … Continue reading

10 July 2015, Thailand

The Phuket News and other outlets report that on 10 July, a bomb exploded at the Top Asia Hotel in Sungai Golok district, Narathiwat province, on Soi Pracha Vivat 2. The bomb wounded eight people, three of whom were from Laos, and damaged nearby cars. This was one of six bombings that detonated in Sungai Golok and other places between 7:00 and 7:30 pm. The Top Asia Hotel bomb was reportedly hidden in a motorcycle parked in front of the hotel. The Top Asia appears to be a guesthouse or a budget hotel. It is not the “Asia Hotel” in Sungai Golok damaged by a bomb blast on 18 May 2013. A backpacker profile of the latter hotel is on Travelfish.org. Aside from the Top Asia Hotel, other bombing targets in Narathiwat included two restaurants, the Jenny Kitchen and Pat Grill, plus several … Continue reading

7 July 2015, Myanmar – bombers sentenced

On 3 July, a Myanmar district court sentenced Saw Myint Lwin to life in prison with hard labor for helping a terror cell bomb the Traders Hotel in Yangon in October 2013. Lwin claimed during his trial that his handlers said he’d be killed if he didn’t plant the bomb, reports Consult-Myanmar.com The Traders bomb was one of eight that exploded throughout Myanmar over a six-day period. Two other lodgings were targeted, including the Chan Myae Guest House in Taungoo, and the Shwe Pyitsone Hotel (also reported as the Shwe Pyae Sone Guest House) in Sagaing. The Traders Hotel bomb exploded on 14 October in the bathroom of a suite occupied by an American couple and their children, reports the BBC. The bomb was reportedly a time bomb planted approximately 24 hours earlier. The targeting of the victims seemed to be random. The blast … Continue reading

3 July 2015, Original content: hotel terrorism underwriting in East Africa – the same for North Africa in the wake of the Tunisia massacre?

…with expert commentary by ATI’s Sherry Kennedy and Souvik Banerjea  by Jeff Moore, PhD, with Tim Hill, 3 July 2015 (originally written in November 2014, slightly updated for June/July 2015) With the devastating 26 June terror attack on the Riu Imperial Marhaba Hotel in Sousse, Tunisia, hotel terrorism insurance all over Africa – and in scores of other regions – will be a hot topic for the rest of the year, and probably beyond. Terrorist and insurgent activity in Africa over the past 24 months has reached an alarming crescendo. Even when military operations by French, Kenyan, and Nigerian forces have beaten back these belligerents, they’ve found ways to resurface and attack in other areas. Aside from holding back millions of capable Africans thirsting for socio-economic advancement, terrorism and insurgency are wreaking havoc on Africa’s multi-billion dollar tourism sector, putting hotel terrorism underwriters increasingly under the gun. … Continue reading

2 July 2015, Update on Tunisia Sousse hotel massacre

Since first reporting on the Hotel Riu Imperial Marhaba massacre on 27 June in Sousse, Tunisia, Muir Analytics has collected additional information on the sequence of the attack. Here is the updated version: One month before the attack, a group called Ajnad al-Khilafa issued a warning to vacationers heading to Tunisia. Ajnad al-Khilafa means “Caliphate Soldiers.” The group surfaced publically in April and is reportedly an ISIS affiliate. It has also been referred to as Ajnad al-Khilafa in Ifriqiya, with Ifriqiya meaning the Tunisia-Libya-Algeria area. The warning said: “To the Christians planning their summer vacations in Tunisia, we cant accept u in our land while your jets keep killing our Muslim Brothers in Iraq & Sham. But if u insist on coming then beware because we are planning for u something that will make you forget #Bardoattack.” Sham here refers to “the Levant,” today commonly meaning the region … Continue reading

30 June 2015, Tunisia

On 27 June, the Tunisian government announced increased national security measures in the wake of the 26 June Sousse hotel massacre that killed as many as 30. This was the second time this year that the Tunisian government announced stronger security measures for tourist areas. Muir Analytics reported on the first government announcement in April just after the 18 March Bardo Museum massacre in Tunis. At the time of that announcement, the government gave no intricate details of its security plan. Now, however, the government is telling more. Here’s what it’s said so far: First, the AP quoted Prime Minister Habib Essid as prefacing the solution: “The fight against terrorism is a national responsibility. We are at war against terrorism which represents a serious danger to national unity during this delicate period that the nation is going through.” Second, the government has announced … Continue reading