XL Catlin expands terrorism insurance cover in US

Re/insurer XL Catlin has raised its terrorism insurance coverage limits to $250 million in the US on the back of what it said was businesses’ increased concerns about potential terror risks.

The coverage limit has now been increased by 25 percent, from $200 million previously. The company had doubled its $100 million initial offering in February 2016.

The standalone policy helps businesses address potential insurance coverage gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).

"Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations," said Ben Tucker, head of US terrorism and political violence insurance. "They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we’re better equipped to address more of their coverage needs."

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