Now that Congress has extended the Terrorism Risk Insurance Act through Dec. 31, 2007, some in the industry might be tempted to take a deep breath, pack away their position papers, pat their lobbyists on the head for a job well done, and turn their attention to more pressing business. That's actually the last thing the industry should do.
In fact, the battle over how to effectively cover the risk of another terrorism attack has only just begun.
After 9/11, there was deep and justifiable concern another attack might deal a death blow to many carriers–perhaps even cripple the entire industry. The looming exposure threatened to leave large builders and high-profile properties bare, undermining the economy. Still, TRIA was not an easy sell–it took over a year after 9/11 to gain approval from Congress and the White House.
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