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AIA Statement on Introduction of TRIA Legislation

AIA STATEMENT ON INTRODUCTION OF TRIA LEGISLATION

WASHINGTON, D.C., February 5, 2013 - Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement regarding the introduction of legislation by Rep. Michael Grimm (R-NY) and Rep. Carolyn Maloney (D-NY) to reauthorize the Terrorism Risk Insurance Act (TRIA).  TRIA, initially adopted in 2002 and subsequently reauthorized in 2005 and 2007, is a program designed to increase the reinsurance capacity for large terrorism events.  TRIA requires reauthorization as it is set to expire at the end of 2014.

Ms. Pusey’s statement follows:

"AIA appreciates the work of Reps. Grimm and Maloney on this important issue and we look forward to working with them, the bipartisan group of co-sponsors, and Members of Congress in the months ahead to achieve additional support for reauthorization of TRIA as the program remains an essential component of our nation's economic security.

“Following the attacks on September 11, 2001, insurers responded in an unwavering manner covering insured property losses of more than $23 billion in today's dollars without any federal assistance.

“In the aftermath of that fateful day, insurers were forced to re-examine the nature of terrorism related risks due to the potentially devastating economic consequences and insurers' lack of any basis for assessing the probability of a major terrorist attack. 

“Terrorism does not meet the core characteristics of a privately 'insurable peril.' TRIA provides a much needed backstop to insurance companies for large certified terrorism events, above a $100 million loss, while requiring insurers to offer terrorism insurance to commercial policyholders. As a result, insurers are able to offer terrorism coverage to commercial policyholders while TRIA provides all-important market stability.

“The program's triggers and recoupment mechanism protect taxpayers and greatly mitigate its costs. TRIA and its successor programs have worked at little to no taxpayer expense and continue to make terrorism coverage widely available.” 

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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
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(202) 828-7196
mseidel@aiadc.org

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