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The Hartford Calls for TRIA's Reauthorization at Senate Banking Committee Hearing

THE HARTFORD CALLS FOR TRIA’S REAUTHORIZATION AT SENATE BANKING COMMITTEE HEARING

WASHINGTON, D.C., February 25, 2014 – Douglas Elliot, president of Commercial Markets for The Hartford , today testified on behalf of the American Insurance Association (AIA) at a hearing of the U.S. Senate Banking, Housing and Urban Affairs Committee entitled “Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market, Part II.”  The Terrorism Risk Insurance Act (TRIA), initially adopted in 2002 and subsequently reauthorized in 2005 and 2007, is a program that protects policyholders and taxpayers by ensuring widespread availability of property-casualty insurance for terrorism risks and provides for an orderly economic recovery after an event.  TRIA requires reauthorization as it is set to expire at the end of 2014.

A brief statement by Mr. Elliot follows. A copy of his written testimony is attached.

“We strongly urge Congress to reauthorize TRIA.  TRIA works because it is an effective partnership between the private sector and the federal government –maximizing private market risk bearing and infrastructure while leveraging the government’s pooling capabilities for non-insurable risks that align with our national defense policy.

“Taxpayers are protected at every step under TRIA. In the event of a catastrophic terrorist attack that triggers the government program, any dispersed federal funds can ultimately be repaid through TRIA’s recoupment mechanism.  

“Since its enactment in 2002, TRIA has been a success. Terrorism insurance is available and affordable throughout the United States, eliminating economic uncertainty and keeping our economy moving as the long recovery finally gathers momentum.

“As we consider TRIA’s reauthorization, we stand ready to work with the Congress and the Administration to evaluate any potential changes to the legislation and their potential impact on the effective balance achieved by TRIA.”

The Hartford Douglas Elliot TRIA Testimony 2.25.2014

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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 330 companies, collectively writing more than $134 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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