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AIA Commends the Democratic Governors Association on Report Supporting TRIA's Reauthorization

AIA COMMENDS THE DEMOCRATIC GOVERNORS ASSOCIATION ON REPORT SUPPORTING TRIA’S REAUTHORIZATION

WASHINGTON, D.C., March 6, 2014 – Joe DiGiovanni, senior vice president of state affairs for the American Insurance Association (AIA), issued a statement supporting the findings in a new report, “Why Reauthorizing the Terrorism Risk Insurance Act is Important for States,” issued by the Democratic Governors Association (DGA).  The report emphasizes the importance of renewing the Terrorism Risk Insurance Act (TRIA) as the program enables a stable terrorism risk insurance market that promotes job creation and economic growth.

The Terrorism Risk Insurance Act (TRIA) was first authorized in 2002 following the terrorist attacks of September 11, 2001. It was subsequently reauthorized in 2005 and 2007 with broad bipartisan support, and is scheduled to sunset on December 31, 2014.

Mr. DiGiovanni’s statement follows:

“AIA commends the Democratic Governors Association for its work on this report and its efforts to support TRIA’s reauthorization.  The report illustrates why maintaining a stable terrorism risk insurance market is of critical importance to states’ economies.  Thanks to the successful public-private partnership of TRIA, infrastructure projects, stadiums, large events, and employers are able to secure the insurance they need.      

“TRIA protects more than just policyholders, it protects taxpayers too because any federal funds expended on terrorism losses can ultimately be repaid under TRIA’s recoupment mechanism.

“We agree with the report’s findings that prompt reauthorization of TRIA is necessary to protect state economies from the threat of terrorism.  AIA will be working with the DGA, governors and other stakeholders in the months ahead to achieve broad bipartisan support for TRIA’s reauthorization.”

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The American Insurance Association (AIA) is the trade association for today’s leaders in the property-casualty insurance industry.  Our members work each day to protect the American Dream, whether that’s a house, car, business or otherwise.  Now more than 150 years old, AIA has an unparalleled record of advocating on state, federal and international issues for insurers and their customers.

Our membership is comprised of more than 320 companies, collectively writing more than $125 billion in premiums each year.

We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century… today.


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Media Contacts

Maggie Seidel
VICE PRESIDENT, PUBLIC AFFAIRS
(202) 828-7196
mseidel@aiadc.org

Rachel Wallen
PUBLIC AFFAIRS MANAGER
(202) 828-7149
rwallen@aiadc.org

 

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