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TRIA Triage Policy Summit: A Discussion of the Terrorism Risk Insurance Act
Chicago, Illinois
14 April 2014
Hosted By: National Journal
The terrorist attacks of September 11, 2001 inflicted enormous losses on both the American economy and the insurance industry. As a result, many insurers stopped providing terrorism risk coverage after suffering what was then the most costly disaster in the history of insurance. In the wake of the financial disruptions that took place in 2001, the government enacted the Terrorism Risk Insurance Act (TRIA), a public-private cost-sharing arrangement that requires private insurance companies to provide terrorism risk coverage in exchange for federal financial backing. Without Congressional intervention, TRIA is currently scheduled to end on 31 December 2014. This National Journal Policy Summit, held in Chicago on 14 April 2014, convened the nation's key opinion leaders for a robust discussion about the future of TRIA, which has become a point of contention on Capitol Hill. Supporters of the program laud the bill for lowering premium costs and increasing commercial terrorism risk policy coverage across the country, while critics of TRIA say that it places undue financial pressure on taxpayers. NERA Vice President Dr. Anne Gron, an expert on the economics of the insurance industry, was invited to share her perspectives on TRIA and whether it should be reauthorized at the end of 2014.
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