TRIA extension favored

Risk & Insurance, May, 2004

Eighty percent of the leading commercial property/casualty insurance brokers say the federal Terrorism Risk Insurance Act (TRIA) should be extended when it expires at the end of 2005, according to a survey released today by The Council of Insurance Agents & Brokers.

Half of the commercial brokers responding to the survey said fewer than 20 percent of their clients are actually buying the federally backed terrorism coverage.

They attributed the low interest primarily to the high cost of coverage and to their clients' belief that they are not likely to be targets of terrorism.