Insurers Urge Senate Panel To Extend TRIA
Wednesday, May 19th, 2004 Legislation & RegulationCongress should act this year to extend the Terrorism Risk Insurance Act (TRIA) for two years beyond its Dec. 31, 2005, expiration date because the private market alone cannot deal with further catastrophic terrorist attacks, a united insurance industry told the Senate Banking Committee. Advertisement The aim of a terrorist is not to hurt a particular business or organization, but rather to attack the entire United States of America, John Degnan, vice chairman of The Chubb Corp., testified on behalf of the insurance community. "Without a risk-spreading mechanism, the right attack could very well bring the insurance industry to its knees, and significantly destabilize our economic infrastructure, achieving a primary aim of the terrorist. We simply cannot afford to let TRIA expire and leave this important matter to chance."
