JERSEY CITY, N.J., March 23, 2016 — ISO will collect, aggregate, and help analyze terrorism data this year for the U.S. Department of the Treasury, the federal agency charged with gauging the effectiveness of the federal Terrorism Risk Insurance Program. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
ISO will collect premium, exposure, and policy data for 2015 from insurers participating in the Terrorism Risk Insurance Program. The program, initially established in 2002 by the Terrorism Risk Insurance Act (TRIA), requires insurers to make available terrorism risk insurance with respect to commercial property/casualty losses and provides a mechanism for the federal government to share the risk of loss from terrorist attacks.
Beth Fitzgerald, president of ISO Solutions, said that collecting the data is a natural fit for ISO, which develops and maintains one of the largest insurance information databases in the world. Each year, ISO receives data from insurers containing more than 2.8 billion detailed records of property/casualty insurance premiums and losses.
“We’re honored to collect, report, and manage data about terrorism insurance on behalf of the U.S. Department of the Treasury,” said Fitzgerald. “It’s a testament to the knowledge and dedication of our staff and to the confidence that regulators have in using the data we collect because of our strong focus on quality.”
For this first collection of information under Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the Treasury Department announced that it is requesting, but not requiring, that insurers submit data. The deadline for insurers to report data this year is April 30. Reporting insurers should register at https://www.tripsection111data.com/.
ISO provides an array of tools and information to help insurers address terrorism exposures and changes in federal legislation. To learn more, visit www.verisk.com/tria.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com.