In the parlance that weather-guessers would use in describing the situation, the outlook for long-term reauthorization of a federal backstop for terrorism risk insurance in its present form is cloudy, and that is being optimistic.
The stakes are high for U.S. property and casualty insurers.
In a "special comment" in June dealing with the now two-year effort to get the Terrorism Risk Insurance Act (TRIA) reauthorized, Moody's Investors Service said, "Non-renewal of the program could result in significant insurance market dislocations, with coverage less widely available, more costly and perhaps unavailable in large urban markets."
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