NEW YORK POLLS INSURERS TO ASSESS IMPACT OF TRIA EXPIRY

The New York Department of Financial Services has issued a survey to more than 500 insurers operating in the state to assess the impact on the insurance market of Congress’s failure to extend Tria. In a letter to the companies, DFS superintendent Benjamin Lawsky said that the department is “deeply concerned about the negative economic impact this failure – unless promptly rectified – could have on New York’s construction and insurance industries, as well as other related sectors”. Recipients of the survey included units of Ace, Allstate, AIG, Berkshire Hathaway, Chubb, Hartford and Travelers. Lawsky is asking for information on carriers’ plans to not renew policies that include terrorism cover and is seeking details on the kinds of policies, the industries and geographic regions involved. Regulators also want to know if insurers plan to raise rates and limit new policy writings.