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Actuarial Analysis Supports TRIA Extension

Claims News Service, Dec. 5, 9:56 a.m. EST -- The Terrorism Risk Insurance Act subgroup of the American Academy of Actuaries, a nonprofit, professional organization that represents actuaries in the

By Staff Writer | Updated on December 05, 2005

Claims News Service, Dec. 5, 9:56 a.m. EST — The Terrorism Risk Insurance Act subgroup of the American Academy of Actuaries, a nonprofit, professional organization that represents actuaries in the U.S., has issued an analysis that supports the extension of TRIA. The act currently is set to expire in less than a month.

The “magnitude of potential insurance claims due to terrorist events makes permanent federal legislation necessary in order to make terrorism coverage widely and readily available,” the group concluded. The subgroup based its conclusion on its analysis of the potential impact of terrorist attacks and “how an insurer may react to a sudden change in its perceived exposure to catastrophes.”

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