After the deadliest mass shooting in modern United States history, Americans are questioning how to best protect themselves. Experts said it’s driving interest in terrorism insurance to protect property.
"The reality in America today is that any business anywhere can become a victim of terrorism," Robert Hartwig, president of Insurance Information Institute, said.
Terrorism coverage became more widely available more widely available after the Sept. 11 attacks caused $25 billion in insured property losses.
To ease the burden on the businesses and insurers, the government partners with private insurers to provide coverage if the federal government declares the event a terrorist attack and it causes at least $5 million in property damage.
Some question if it is necessary.
“If you see the frequency of terrorist events taking place, so I don’t really see a tremendous need for that type of insurance,” said Aaron Odom, who works in Charlotte.
North Carolina Rep. Robert Pittenger voted to renew the Terrorism Risk Insurance Act in 2015.
“We think it’s prudent and appropriate thing to do to allow to support insurance companies to make this provision,” he said.
A 2015 report from Marsh and McLennon companies found 59 percent of United States companies have terrorism insurance. In North Carolina, 49 percent of companies have terrorism insurance.
Hartwig said more small businesses are getting covered and some companies are offering active shooter insurance.
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