Why do so many people still believe TRIA is nothing but a handout to the insurance industry, when it is so obvious that the market cannot function without Uncle Sams support?
Oh, sure, insurers were able to come up with over $20 billion to cover World Trade Center losses, making it one of the worst insured disasters ever, but the private terrorism insurance market promptly dried up. Theres no way anyone would have written the coverage if Congress hadnt passed TRIA, and then extended it until the end of 2007other than workers comp carriers, of course, who have no choice in the matter.
However, even with the Terrorism Risk Insurance Act providing a federal reinsurance backstop, private carriers arent exactly being left off the hook here.
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