It is imperative that Congress reauthorize the Terrorism Risk Insurance Act (TRIA) now. With this critical program set to expire on December 31, members of Congress have just a few short weeks to ensure TRIA's longevity for the long term. Congress has twice reauthorized TRIA and it must do so again - on a multi-year basis - before time runs out.
Enacted in the wake of 9/11, TRIA has provided stability to the economy since 2002. Following the attacks, reinsurers and primary insurers - after paying out more than $30 billion in claims - withdrew from the terrorism risk insurance marketplace. The absence of coverage contributed to massive job losses and billions of dollars in damage to industries dependent upon the availability of terrorism risk coverage. TRIA allowed businesses to once again purchase insurance while protecting the economy against highly unpredictable, catastrophic terrorist attacks.
The consequences of inaction by Congress on TRIA reauthorization are too great. If Congress fails to act, US businesses will be left vulnerable to devastating losses and may put off making new investments, hiring more employees and exploring other opportunities for growth. Simply put, our economy cannot afford for Congress to wait any longer.
President Barack Obama and congressional leaders on both sides of the aisle have said TRIA is a must-pass item this year. Congress must step up and reauthorize TRIA on a multi-year basis to protect America's economic and national security.
November 19, 2014: CIAT Leaders Storm Capitol Hill to Urge Immediate TRIA Reauthorization
November 12, 2014: TRIA Renewal Critical to US Economy
November 12, 2014: Opinion: Renew the Terrorism Risk Insurance Act
November 6, 2014: AH&LA, 80+ Hotel Organizations Call on House Leadership to Pass TRIA Now
September 11, 2014: CIAT: Changing Terrorism Threats Highlight Need for TRIA Reauthorization
September 10, 2014: CIAT urges Congress to complete TRIA reauthorization.
April 24, 2014: Higher Education Letter on TRIA Reauthorization.
April 22, 2014: Marsh & McLennan study calls for reauthorization of TRIA.
April 17, 2014: President's Working Group study supports TRIA renewal.
April 16, 2014: National League of Cities Letter.
April 10, 2014: S. 2244, "Terrorism Risk Insurance Program Reauthorization Act of 2014," Introduced to extend TRIA:
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