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Message to Congress: America Still Needs TRIA

Numerous associations and businesses were on Capitol Hill last week urging Congress to approve a long-term reauthorization of the Terrorism Risk Insurance Act before it expires at the end of the year...
November 26, 2014

Numerous associations and businesses were on Capitol Hill last week urging Congress to approve a long-term reauthorization of the Terrorism Risk Insurance Act (TRIA) before it expires at the end of the year. The Coalition to Insure Against Terrorism (CIAT), of which PIA is a founding member, argues that TRIA is still needed to protect the economy against unpredictable, catastrophic terrorist attacks.

Prospects for quick passage of a long-term renewal of the TRIA in the lame-duck session have dimmed as a result of the November elections. Instead, Congress is now talking about a temporary reauthorization. The Senate passed a bill this summer that would modernize and extend TRIA for seven years, but the House has still not acted. "There is widespread agreement that the program is critical to U.S. economic stability and must be reauthorized," said CIAT spokesman Marty DePoy. "Time is running out."

TRIA was first passed in the aftermath of 9/11 to provide a federal backstop for terrorism risk insurance coverage. After the attacks, reinsurers and primary insurers paid out more than $30 billion in claims and many began withdrawing from the terrorism risk insurance market.

Elections Dim Prospects for Long-term TRIA Renewal (PIA 11/20/14)

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