As the Boston Marathon bombings show, the war on terror is far from over, but the Terrorism Risk Insurance Act is a "proven and unqualified success," the president of the Insurance Information Institute told a Senate committee today.
Robert P. Hartwig, III president and chief economist also said that TRIA has not only succeeded in restoring stability to the country's vital insurance and reinsurance markets in the years immediately following 9/11, "but it continues more than a decade later to deliver substantive, direct benefits to millions of businesses, workers, consumers and the overall economy — all at essentially no cost to taxpayers."
Hartwig's testimony before the Senate Banking Committee continues a push for the act's renewal and reiterates testimony from a hearing on the issue held last Thursday by the House Financial Services Committee.
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