April 4, 2003—A security solutions firm, created by a group of former FBI and CIA officials, former security directors and prosecutors, has developed a product to help insurance companies answer the question of how to price premiums for terrorism insurance, as mandated by the Terrorism Risk Insurance Act of 2002.
Fortress Global Investigations has developed the Terrorism Insurance Risk Profile (TIRP), a tool designed to accurately assess the level of threat and vulnerability of different entities to potential acts of terrorism, and calculate the risk of potential loss from those acts.
“Until now, insurance carriers have been wrestling with how to set these terrorism insurance premiums,” said Robert Seiden, president of Fortress Global, which is headquartered in New York City, Great Neck, NY and Zurich. “By offering TIRP to current and potential policyholders, insurance carriers will have a simple and reliable basis on which to assess these premiums.”
With TIRP, Fortress Global runs each entity’s profile through its proprietary scoring system.
“TIRP provides insurance carriers with an objective, third party assessment of the insured’s vulnerability to potential acts of terrorism. This avoids the questions that arise concerning the process by which carriers determine premium amounts. As a result, TIRP protects the insured from being overcharged and protects carriers from allegations of price gouging, a practice strictly prohibited under the Terrorism Risk Insurance Act of 2002,” said Seiden.
For more information, contact Fortress Global.
