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AIA Statement on Marsh 2014 Terrorism Risk Insurance Report

AIA STATEMENT ON MARSH 2014 TERRORISM RISK INSURANCE REPORT

WASHINGTON, D.C., April 22, 2014 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), today issued a statement in response to the release of Marsh’s “2014 Terrorism Risk Report,” which emphasized the uncertainty surrounding the potential reauthorization of the Terrorism Risk Insurance Act, reinforcing the value of a continued public-private partnership.   The report summarizes the current situation regarding TRIA’s reauthorization, offers market insights should the program be renewed, and describes how insurers would potentially respond if TRIA failed to be extended beyond its scheduled sunset of December 31, 2014.

Ms. Pusey’s statement follows:

“The Marsh report confirms that TRIA has provided marketplace stability over the last few years as evidenced by the consistently high take-up rates.  The report also highlights the market uncertainty that is beginning to emerge with TRIA’s looming expiration, reinforcing the important benefit of maintaining the public-private partnership established by the law.

“The data provided in this latest Marsh report re-confirms earlier reports:  TRIA provides the stability and certainty that enables a private terrorism risk insurance marketplace to exist, and any unease about the continuation of the partnership will generate market volatility and concern about viability absent the partnership.  Congress should take the report as further evidence that TRIA is working, and should be renewed quickly on the same terms and conditions that exist today.”   

A copy of the report is attached.

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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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