The insurance industry is working feverishly if carefully to ensure that the issue of ongoing government involvement in terrorism risk insurance remains in the public eye this year.
Given that Congress passed a two-year, slimmed-down extension of the Terrorism Risk Insurance Act just before the federal reinsurance backstop was to expire in late December, after more than two years of lobbying work, it is clear that keeping the issue on the agenda will be difficult with so many other priorities in Congress, and with the midterm elections looming.
An additional hurdle is the fact that the extension was agreed to by Sen. Richard Shelby, R-Ala.., chair of the Senate Banking Committee, only with the clear understanding there would be “finality”–that is, the program would not be extended beyond Dec. 31, 2007. Sen. Shelby's take-it-or-leave-it approach had strong support from the Bush administration and Senate Majority Leader William Frist, R-Tenn.
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