TRIA extension expected, but when?(Is Terrorism Insurable?)(Terrorism Risk Insurance Act)

National Underwriter Property & Casualty-Risk & Benefits Management, November, 2004 by Postal, Arthur D.

EXPERTS WITHIN AND OUTSIDE the insurance industry believe Congress will ultimately extend the Terrorism Risk Insurance Act, while hedging on whether federal lawmakers will act in a lame duck session later this month or wait until next year. Speaking here at a seminar on "The Insurability of Terrorism" sponsored by GE Insurance Solutions, Gordon Stewart, president of the New York-based Insurance Information Institute, said that "inertia is on the side of extension" because if TRIA is not extended, "Congress will have to think of an alternative." One reason Congress is likely to extend TRIA, according to another panelist--Bruce Deal, a managing principal at the Analysis Group in Menlo Park, Calif.--is that the "take-up" rate for terrorism insurance (the percentage...

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