Washington, DC – The Coalition to Insure Against Terrorism (CIAT) today recognized the anniversary of the September 11 terrorist attacks and highlighted the critical role the Terrorism Risk Insurance Act (TRIA) has played in providing economic stability in the face of ongoing national security threats.
Since the savage attacks of 9/11, the threat of terrorism remains a clear and present danger, as are the economic risks associated with this peril. As President Obama told the nation last night, “we continue to face a terrorist threat… At this moment, the greatest threats come from the Middle East and North Africa, where radical groups exploit grievances for their own gain.”
CIAT spokesman Martin DePoy said, “As we remember the victims of 9/11 and their families, we are also reminded of the days following the worst attack on American soil when our nation struggled to rebuild. Terrorism risk insurance disappeared from the marketplace in the wake of 9/11 and, as a result, businesses stagnated, unemployment skyrocketed and employers faced crippling financial losses. Congress enacted the Terrorism Risk Insurance Act, TRIA, with strong bipartisan support, to enable the private market to make this vital insurance available again. But this law, which has been integral to promoting growth and stability in a post-9/11 world, will soon expire. With new terrorism threats on the rise, Congress must immediately renew TRIA to ensure the American economy and American jobs are protected from the damage another terrorist attack would cause.”