Hiscox increases its US terrorism capacity

Insurer Hiscox has increased its capacity for US domiciled terrorism risk to $200 million, in response to increased demand driven by the upcoming expiration of the Terrorism Risk Insurance Program Reauthorisation Act (TRIPRA).

Hiscox has said that the additional capacity means that it will be offering one of the largest limits in the US.

The Hiscox policy does not require government certification of a terrorist attack and has no minimum loss requirements. The capacity stands independent of TRIPRA.

"The upcoming expiration of TRIPRA is driving increased demand for the certainty Hiscox's standalone terrorism coverage provides organisations of all types," said Jennifer Rubin, vice president - head of Terrorism, Hiscox USA.

"Our increased capacity of $200 million will serve a wider range of businesses in need of the certainty that comes with insurance coverage for terrorism independent of the government backstop."