Two insurance trade groups are pointing to a new international study that says there are continuing gaps in terrorism reinsurance coverage that would be revealed by another large attack. The report, the groups said, underscores the need for quick congressional action to extend the Terrorism Risk Insurance Act, which expires Dec. 31.
The report by the Organization for Economic Cooperation and Development, released late last week, said that conditions on terrorism insurance markets have improved over the last several years but private markets are still not able to fully cover the extremely large losses that could result from terrorist acts in the future.
David Snyder, a vice president with international responsibilities at the American Insurance Association, who worked with OECD and other international agencies over the last several years on terrorism risk and trade issues, said that the report "is global validation of the need to extend TRIA."
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