To Pay or Not to Pay: Is That the Question?

Denise GillinBusiness Insurance, News, Risk Management

By Scott Sinder for LeadersEdge

We are on the heels of the 20th anniversary of 9/11, and many of us lived the Terrorism Risk Insurance Act debates that followed.
The widely shared expectation at the time was that 9/11 was just the first of what we thought would be a long litany of terrorist events on U.S. soil. But those never materialized, and, to date, not one claim has been paid through the TRIA program.

The recent exponential growth in “ransomware” claims, however, seems to have bucked that trend. There is a spate of more well publicized cases—Colonial Pipeline and CNA?—but as Alejandro Mayorkas, secretary of the U.S. Department of Homeland Security, recently noted, the overall “rate of ransomware attacks increased 300% in 2020” alone, and the payment demands also have increased substantially.

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