Lawmakers, Industry Experts and Beneficiaries Emphasize Importance of Federal Terrorism Insurance

Video Description

Last week, a diverse group of insurance experts, policyholders and industry professionals joined with Members of Congress to discuss the importance of the Terrorism Risk Insurance Act (TRIA), an important federal program which, for more than a decade, has created jobs and ensured our largest venues, businesses and employers have affordable access to terrorism insurance coverage. Enacted in 2002, the TRIA program was a response to the terrorist attacks of September 2001, when many insurers and reinsurers began to exclude terrorism coverage from commercial insurance policies. If coverage was offered at all, it was at a cost that was prohibitively high. TRIA made terrorism insurance both available and affordable, spurring job creation and economic development following one of the most severe periods of uncertainty in our nation's history. The program is currently slated to expire at the end of 2014.