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May 1, 2013: Analysis of Terrorism Risk Insurance Program
The Congressional Research Service has issued an analysis and overview of the current Terrorism Risk Insurance Act (TRIA).
Read the CRS Paper - Terrorism Risk Insurance Issue Analysis and Overview of Current Program
April 30, 2013: CIAT Update
CIAT and Marsh Risk Management Research hosted a Congressional staff briefing on terrorism risk insurance which highlighted the release of its latest report on the terrorism insurance marketplace. Ed Walter, President and CEO of Host Hotels & Resorts and Rodney Schraven, Risk Manager of the Washington Metropolitan Area Mass Transit Authority discussed the importance of renewing the program.
Read a copy of the Marsh's latest report on the terrorism insurance marketplace.
Read a copy of the power point presentation given by Ben Tucker, Sr. VP with Marsh.
Read a copy of Ed Walter’s remarks.
February 13, 2013: Senate Finance Committee Holds Confirmation Hearing on the Nomination of Jacob J. Lew to be Secretary of the Treasury
During the Senate Finance Committee confirmation hearing of Jack Lew to be Secretary of the Treasury, Sen. Charles Schumer (D-NY) raised the issue of terrorism risk insurance with Mr. Lew and asked him his opinion on extending TRIA for five more years. Mr. Lew indicated he was familiar with TRIA and the role it played after 9/11, but he was unwilling to comment further on extending the program without further review. Since TRIA is administered by the Treasury Department, Mr. Lew will be involved in discussions related to extending the program once he is confirmed as Secretary.
Read the transcript between Sen. Schumer and Treasury Secretary Nominee Jack Lew.
February 6, 2013: CIAT Endorses Legislation to Reauthorize TRIPRA
CIAT strongly endorsed bipartisan legislation introduced by Rep. Michael Grimm (R-NY) and nine co-sponsors, H.R. 508, which would extend the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). The legislation currently is scheduled to sunset at the end of 2014, and H.R. 508 would extend it for five years.
Read the News Release.
Read CIAT Letter in support of Rep. Grimm's proposal to extend TRIA, dated January 25, 2013.
September 11, 2012: CIAT testifies before Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee
Rolf Lundberg, Senior Vice President, Congressional and Public Affairs, U.S. Chamber of Commerce, testified on behalf of the Coalition to Insure Against Terrorism at a hearing entitled "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program." The hearing was called to assess conditions in the insurance market and the private sector’s capacity to offer insurance and reinsurance coverage for losses resulting from acts of international and domestic terrorism.
In calling for the reauthorization of TRIA, Mr. Lundberg stated, "While private insurance capacity apparently has grown slightly in the past decade, these years have also taught us that a continuing federal role in this unique risk remains vital. The terrorism peril is simply too intrinsically linked to government policy and intelligence to be solely handled by the private sector alone."
Access the hearing.
Read Mr. Lundberg's statement.
September 4, 2012: Terrorism Risk Insurance: Issue Analysis and Overview of Current Program
Read the report.
September 8, 2011: Coalition of real estate organizations writes letter to Banking Committee Chairman Johnson (D-SD) and Ranking Member Shelby (R-AL) urging them to oppose the Wicker amendment.
Read the letter.
April 2011: The Insurance Information Institute reports on the insurance industry impacts from terrorism attacks that have occurred around the world since September 11, 2001.
Read the report.
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Representing business insurance policyholders throughout the construction, entertainment, manufacturing, real estate, retailing and transportation sectors of the economy, the Coalition to Insure Against Terrorism (CIAT) is seeking a long-term solution to make comprehensive terrorism risk insurance coverage available and affordable after the expiration of the Terrorism Risk Insurance Extension Act at the end of 2007. The strength of our national economy depends upon finding this solution.
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