(Bloomberg Politics) — What's at risk if Congress fails to extend government-backed terrorism risk insurance before adjourning this week? According to a coalition of athletic enterprises, insurance companies, developers and businesses, just about everything.
The program traces its lineage to Sept. 11, 2001, when the strikes on the World Trade Center in New York resulted in more than $30 billion in insured losses, the most in history. After that, insurers began excluding terrorist attacks from policies.
So in November 2002, Congress passed the Terrorism Risk Insurance Act, or "TRIA" in DC parlance, which has been extended several times. It is again up for reauthorization. Some lawmakers, including Oklahoma Senator Tom Coburn and Texas Representative Jeb Hensarling, have pointed out that TRIA was supposed to be temporary, yet here we are, some 12 years later.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
