WASHINGTON–The insurance industry is better able to insure some terrorism risk without government backing, but protecting against more severe forms of attack remains problematic, according to a presidential study group's report released today.
In the study by the President's Working Group on Financial Markets, which was tasked by Congress with analyzing the terrorism insurance market, there was no recommendation to extend the Terrorism Risk Insurance Act.
Congress extended TRIA last year to the end of 2007. The Act provides insurers with government supports when terror attack losses exceed certain parameters.
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