Senate approves terror programme

Following House approval, the Senate has voted in favour of legislation requiring the government to cover the bulk of financial losses related to terrorist attack. A new insurance programme will make up to US$100bn available annually over the next three years which will cover 90% of loss in excess of US$10bn and give insurers additional proportional help. The flip side is that, as soon as the programme is in place, all commercial insurers will be required to offer terrorism cover, currently sparse and costly.