The private market does not have the capacity to provide reinsurance for terrorism risk to the extent currently provided by the Terrorism Risk Insurance Act, according to a special presidential report issued today.
The report by the President's Working Group on Financial Markets backs up the industry position that enactment of TRIA has been responsible for creating a growing market for terrorism risk insurance that will likely dry up in the event the program is not renewed.
Initial reaction of insurers said exactly that. "The report by the President's Working Group again makes clear that the risk sharing partnership created under the Terrorism Risk Insurance Act is vital for the existence of a private marketplace for terrorism insurance coverage," says Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies.
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