Insurance

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

9 May 2015, Kenya

Peter Muiruri wrote an interesting piece for Standard Digital, a Kenya news outlet, on what some business entities in Kenya are doing to salvage the 2015 tourist season that has been hit by terrorism and government travel warnings. His article, “Tourism industry players in Kenya welcome new terrorism cover,” says that AIG Kenya Insurance and Amref Flying Doctors have teamed up to provide tourists with inbound insurance coverage from terrorism exposure for their time in Kenya. The article quotes Mohammed Hersi, Chairman of the Kenya Coast Tourists Association, as saying, “The cover will open up the entire country’s tourism fraternity including areas prohibited by the travel advisories like the coast region and ensure tourist traffic flow is maintained. The Kenyan coast has been hard hit in recent times with the advisories resulting in low number of bookings.” How does this impact terrorism and … Continue reading

20 February 2015, Jeffrey D. DeBoer Comments on TRIA

Here is an interesting piece from 20 February 2015 including comments by Real Estate Roundtable President and CEO Jeffrey D. DeBoer on Congress passing TRIA and how a wide array of security risks to commercial real estate, including hotels, pose serious concerns as 2015 progresses: “Commercial Real Estate Conditions Remain Strong, Yet Outlook Softens Amid Global, Interest Rate, Policy Risks.” Copyright © Muir Analytics 2015

On 7 January 2015, TRIA passes the House

On 7 January 2015, hotelnewsresource.com reported the passage of the Terrorism Risk Insurance Act (TRIA): Hotel Industry Applauds House Passage of Terrorism Risk Insurance Act. The article said, “The American Hotel & Lodging Association (AH&LA) today praised the U.S. House of Representatives for passing legislation H.R. 26, Terrorism Risk Insurance Program Reauthorization Act of 2015.” TRIA was first passed by Congress in 2002 as a U.S. Government-sponsored, post 9-11 attack measure to strengthen terrorism insurance coverage purchased by corporations. Copyright © Muir Analytics 2015