Minimal rating changes as S&P updates terrorism evaluation process
Standard & Poor's Ratings Services has announced it is enhancing its process for evaluating the terrorism exposure of interactively rated insurers and reinsurers. The updated process is partly a response to the increased insurance retentions under the two-year extension of the Terrorism Risk Insurance Act of 2002, and it is also to quantify further the exposure and risk-management capabilities of the insurance industry. The process change will affect insurance and reinsurance companies globally and is consistent across sectors, as it will be using the same approach and questionnaire for all property/casualty companies.
The agency expected minimal rating changes to occur as a result of this process change and data-collection enhancement. However, this new terrorism questionnaire will highlight the companies that have
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