BY CLAIRE WILLIAMS November 14, 2019 at 6:23 pm ET A bipartisan bill extending a program designed to curb financial damage from potential terrorist attacks is heading to a Senate Banking Committee markup on Wednesday, several people familiar with the matter said.  The legislation, introduced Thursday by Sens. Thom Tillis (R-N.C.) and Tina Smith (D-Minn.), would…

On Friday, Oct. 11, House Financial Services Committee (HFSC) Chairwoman Maxine Waters (D-CA) introduced H.R. 4634, the “Terrorism Risk Insurance Program Reauthorization Act of 2019,” to reauthorize the Terrorism Risk Insurance Act (TRIA) for ten years through 2030. The current TRIA provisions expire at the end of 2020. Chairwoman Waters’ bill, which is co-sponsored by…

POLITICO’s Zachary Warmbrodt: “More than 340 companies and trade groups today will discourage Congress from tinkering too much with the federal terrorism insurance backstop that lawmakers enacted after the Sept. 11, 2001 attacks. The Walt Disney Company, NASCAR, Marriott International, the U.S. Chamber of Commerce and a slue of insurers are among the organizations that…

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 complex threats from both international and home-grown groups, as well as individuals acting on their own, known as “lone wolves.”…

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 offered at all. Moreover, some observers feared that the absence of insurance against terrorism loss would have a wider economic…