202004.27
0

GAO Terrorism Report: State of Terrorism Risk Insurance and Update on Treasury’s Program Processes

The U.S. Government Accountability Office recently released a report  that found that under the Terrorism Risk Insurance Act (TRIA), Treasury has processes for certifying terrorist events and fulfilling claims under the program, but a lack of communication about aspects of Treasury’s certification process could pose challenges for insurers. TRIA was reauthorized through 2027 at the…

202004.27
0

GAO Terrorism Report: Program Changes Have Reduced Federal Fiscal Exposure

The U.S. Government Accountability Office recently released a report demonstrating that the Terrorism Risk Insurance Act (TRIA) reauthorizations through 2015 have decreased federal fiscal exposure, and insurers have adjusted by managing their increased risk. In December 2019, Congress reauthorized TRIA through 2027. Read the full report. After the Sept. 11 attacks, insurers generally stopped covering…

201912.23
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President Trump Signs Legislation to Reauthorize TRIA Through 2027

Late on Friday, Dec. 20, President Trump signed a major appropriations measure, the Further Consolidated Appropriations Act, 2020, or H.R. 1865, to fund the Federal Government through Fiscal Year 2020. Included in this legislation was the “Terrorism Risk Insurance Program Reauthorization Act of 2019” that reauthorizes the Terrorism Risk Insurance Act (TRIA) for an additional…

201912.19
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CIAT Commends Congress for Passing TRIA Extension: President Trump Expected to Sign Bill

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…

201909.17
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Disney, NASCAR Warn Hill Against Terror Insurance Meddling

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…

201905.24
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2019 Terrorism Risk Insurance Report

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.”…

201409.11
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What’s new with TRIA? Nothing at all

BY ARTHUR D. POSTAL, PROPERTYCASUALTY360.COM WASHINGTON—There appears to be no momentum for House action on legislation reauthorizing the federal backstop on terrorism risk insurance during the current two-week session. The current version of the Terrorism Risk Insurance Act sunsets Dec. 31. But, Congress is expected to be out of session from Sept. 19th until after the mid-term…

201408.25
0

Terrorism Insurance Set to Expire for Strip Properties

By Las Vegas Chamber via 8NewsNow LAS VEGAS — Federal dollars that insure Las Vegas in the event of a terrorist attack could soon run out. Both Nevada U.S. senators say they’re working to renew federal terrorism insurance. The Terrorism Risk Insurance Program Reauthorization Act allows the federal government to help pay for any damage…

201407.23
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CEOs push terrorism insurance to Congress

By Chris Bragg on Crain’s New York Business New York City CEO’s—117 of them—signed onto a letter urging Republicans in Congress to reauthorize legislation providing a federal backstop for terrorism insurance. Conservatives are looking to scale back and phase out the program. More than 100 New York City CEOs are calling on House Republicans in Congress to…