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, said it strongly supports the Terrorism Risk Insurance Program Reauthorization Act of 2019, H.R. 4634, as it was marked up by the House Committee on Financial Services, and urges passage of the legislation when it comes before the full House membership.
CIAT Steering Committee Coordinator Martin DePoy said the original Terrorism Risk Insurance Act (TRIA) and its successor legislation helped to keep the U.S. economy functioning in the wake of the 9/11 terrorist attacks when reinsurers and primary insurers abandoned the terrorism risk insurance marketplace, contributing to widespread job losses and damage to businesses dependent on the coverage.
“By making terrorism risk insurance available again at prices commercial policyholders could afford, TRIA helped reinvigorate the economy after the catastrophe of 9/11,” DePoy said. “TRIA and its reauthorizations have been essential to maintaining the security of the nation’s workers and businesses against the threat of terrorism. At the same time, they have protected the taxpayer and limited the government’s exposure to only the most extreme terrorist events.”
“We commend House Financial Services Committee Chairwoman Maxine Waters who introduced this bill and the bipartisan members of the committee who co-sponsored it for their leadership in moving this critical legislation forward,” said DePoy. “It is an absolutely vital element of our economic homeland security, and we thank the members of the committee for recognizing and responding to this need.”