Coalition Says Legislation Is Needed to Protect U.S. Jobs and Economy
WASHINGTON, DC, DEC. 19, 2019—The Coalition to Insure Against Terrorism (CIAT), which represents the insurance policyholder community throughout the transportation, real estate, manufacturing, construction, entertainment, education, retail, and other sectors, praises Congress for its bipartisan reauthorization of the Terrorism Risk Insurance Act (TRIA) for an additional seven years. Language included in the year-end funding bill, passed by the House earlier this week and the Senate last night, and which President Trump is expected to sign, reauthorizes TRIA through 2027.
CIAT Steering Committee Coordinator Martin DePoy said the initial passage of TRIA helped keep the U.S. economy functioning in the aftermath of the 9/11 terrorist attacks by making terrorism risk insurance available at prices affordable to the majority of commercial policy holders. Had it not been reauthorized, TRIA was set to expire Dec. 31, 2020.
“TRIA was enacted when, in the wake of the 9/11 attacks, reinsurers and primary insurances withdrew from the terrorism risk insurance marketplace, contributing to tens of thousands of job losses,” said DePoy. “TRIA has provided critical to the stability of our economy, allowing businesses to purchase affordable terrorism risk insurance, protecting the economy against highly unpredictable, catastrophic terrorist attacks.”
“We commend House Speaker Nancy Pelosi (D-CA) and House Republican Leader Kevin McCarthy (R-CA), as well as Senate Majority Leader Mitch McConnell (R-KY) and Senate Minority Leader Chuck Schumer (D-NY), for their leadership in passing this vital legislation and for the strong, bipartisan support for reauthorization demonstrated in both chambers,” said DePoy.