Insurance

The September 11, 2001, terrorist attacks resulted in an estimated $32.5 billion in insured losses. Those losses occurred across many types of coverage, including commercial property, business interruption, workers compensation, life and disability insurance

The number of companies interested in buying terrorism insurance is increasing, yet less than 95 percent of US insurance companies offer terrorism coverage. Prior to 9/11, standard commercial insurance policies included terrorism coverage as a rider to an existing policy. Today, a great opportunity exists for insurance companies to offer terrorism insurance protection. The federal government enables insurance companies to offer this insurance backed by The Re-insurance Program (TRIP) developed by the Federal Government. This program guarantees that insurance companies will not sustain a catastrophic loss from successful terrorist attack. Shafran offers counterterrorism expertise to reduce the threat to insurance providers and their clients.

Risk Reduction Tool
Shafran USA's innovative solutions and alternative approaches to determining terrorism risk includes evaluations and assessment factors of risk not traditionally considered by insurers.Threat Assessment and  Vulnerability Analysis enables insurance risk managers to determine the cost of insurance coverage against a terrorism attack.

Shafran USA will design and install a  counterterrorism system that will prevent a successful terrorist attack on the insured.  Additionally, personnel are trained on how to use the counterterrorism security sytem.  

Terrorism insurance coverage is difficult to price because the frequency and severity of an attack is so unpredictable. Shafran USA works closely with insurance risk managers to understand their concerns when obtaining and pricing terrorism insurance. Through this relationship, Shafran USA conducts assessments and creates counterterrorism systems to help companies evaluate the unpredictability of an attack, therefore lowering their risk to terrorism attacks, and lowering insurance premiums.