Re/Insurers Appeal For Extension To “Vital” Terrorism Insurance Act

A coalition of insurers and reinsurers have penned a letter to members of the US Congress, urging them to pass a long-term reauthorisation of the Terrorism Risk Insurance Act (TRIA), which is currently set to expire at the end of 2020.

The appeal described the act as a “vital public-private risk sharing mechanism” that ensures private terrorism risk coverage remains available to commercial businesses, educational institutions, and non-profit organisations.

“Absent TRIA, there is not sufficient insurance and reinsurance capital available to provide comprehensive terrorism coverage to U.S. insurance buyers,” the group argued.

To this end, Congress has been urged to enact a long-term extension of the program, without further reforms.