TRIA ensures US businesses can obtain the terrorism risk insurance coverage necessary to protect against the devastating consequences of a catastrophic terrorist attack.
In the wake of 9/11, more than 300,000 US jobs were lost due to the lack of terrorism risk insurance in the marketplace. TRIA ensures the long-term stability of commercial property financing, construction and other job-creating industries.
TRIA has cost US taxpayers virtually nothing. Insurers and policy holders are required to bear first dollar losses and meet deductibles before the federal government steps in.
Congress has reauthorized TRIA three times with overwhelming, bipartisan support, most recently in January 2015.
Marsh and McLennan Companies recently released their 2019 Terrorism Risk Insurance Report. Terrorism remains a dynamic global risk and a serious threat for people and organizations. The evolution of terrorism risk exposes many countries to...
Prior to the September 11, 2001, terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, such coverage became expensive, if...
“Should TRIPRA expire without a replacement, insurers with the ability to do so will likely deploy terrorism capacity only for preferred locations and pricing. Reinsurers are also likely to only provide additional capacity at notably higher rates, which could create capacity shortfalls for some central business districts and employers with significant workers’ compensation accumulations. As such, a federal backstop remains essential if the private reinsurance market is to continue to provide capacity to higher-risk areas.”