ENP Newswire -
Release date- 24022014 -
The Terrorism Risk Insurance Act (TRIA) was first authorized in 2002 following the terrorist attack of
Ms. Pusey's statement follows:
'Terrorism risk insurance is widely available today because of the successful approach provided by TRIA. It protects our nation's economy from potential disruption while providing for an orderly recovery following an event. TRIA has served our nation well and deserves a timely reauthorization.
'As Congress considers TRIA's reauthorization, lawmakers rightly want to explore whether the private sector has the financial ability to cover large-scale losses that result from a terrorist attack absent the partnership with the federal government established under TRIA. The simple answer is no.
'Private reinsurance capacity for terrorism remains in the
'TRIA protects more than just policyholders, it protects taxpayers too because any federal funds expended on terrorism losses can ultimately be repaid under TRIA's recoupment mechanism.
'AIA will be working in the weeks ahead to achieve broad bipartisan support for the reauthorization of TRIA. The program's successful partnership enables a stable terrorism risk insurance market and deserves prompt renewal.'
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