An agents group is warning there will be severe economic consequences if the Terrorism Risk Insurance Act expires without a permanent government or private mechanism in place to help the terrorism insurance market.
The statement from the Independent Insurance Agents and Brokers of America came in response to a request for comment by the President's Working Group on Financial Markets, which is studying the issue of terrorism insurance availability.
The renewal of the TRIA program, passed late last year, effectively maintained the federal backstop against attacks by foreign terrorists, although for fewer insurance lines and with much higher thresholds for government intervention.
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