When the Terrorism Risk Insurance Act finally runs out of steam in 2007, prospects for the insurance industry to pick up the slack appear pretty dim, according to executives with the insurance brokerage firm Aon.

In a Web seminar hosted by the Chicago-based firm, Aaron Davis, vice president, property syndication, Aon Risk Services; Tom Fitzgerald, managing director, Aon strategic account management; and Gail Norstrom, managing director, property syndication, Aon Risk Services, were joined by George Stratts, senior vice president with Lexington Insurance Company, a subsidiary of American International Group, to discuss the status and future of TRIA.

There seems to be little hope that the industry will have sufficient capacity in place when the U.S. government ends its involvement with terrorism risk in 2007, said the Aon executives. They advised clients to prepare for the end of TRIA, as there appeared to be little appetite in Congress or the White House to consider extending the program past 2007.

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