A top official of Marsh, Inc. opened a congressional debate on the Terrorism Risk Insurance Act by saying the sunset of the federal backstop would make it difficult for insureds with significant exposures in major cities to get coverage.
Peter J. Beshar, executive vice president and general counsel of Marsh & McLennan said, "The absence of, or a serious modification to TRIA, could severely impact the workers' compensation market."
At a hearing on reauthorization of TRIA held by the House Financial Services Committee, Beshar also defended the program by saying it is "the backbone of a healthy terrorism insurance market that provides policyholders with affordable and widely available coverage options" while preventing the taxpayers "from absorbing virtually all of the financial loss in the event of a terrorist attack."
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