Insurance Industry Lauds Early TRIA Extension Efforts

The insurance and allied industries, including the actuarial sector, have been encouraged by progress in the quest for an extension of the federal terrorism insurance backstop program, observers say.

They applaud both the U.S. House of Representatives’ early action on the bill, over a year in advance of the current extension’s expiration at the end of next year, as well as the addition of a provision for a study on cyber exposures.

“We’re excited to see the House act on this issue early so we don’t have a lapse like last time,” said Catherine A. Mulligan, global head of cyber for Aon Reinsurance Solutions in New York.

“It would appear that a clean reauthorization of the legislation is well supported by both sides of the House, “ said Wendy Peters, global head of terrorism and political violence for Willis Towers Watson PLC in Radnor, Pennsylvania, and a member of the advisory committee on risk-sharing mechanisms for the U.S. Treasury.