Terrorism Risk Insurance Act News

House Passes TRIA Renewal With Higher Government Trigger, Insurers’ Co-Pay

The U.S. House voted Dec. 10 to extend by six years a federal backstop for insurers offering coverage against terrorism, advancing efforts to retain a program created in response to the attacks of Sept. 11, 2001. House lawmakers passed the …

Treasury Hasn’t Determined Boston Bombing Was ‘Act of Terrorism’ Under TRIA

A U.S. Treasury Department spokesperson last week provided a statement to Boston news outlets that said “The Secretary has not determined that there has been an ‘act of terrorism’ under the Terrorism Risk Insurance Act” for the April 15, 2013, …

3 Reasons Congress Should Renew TRIA

U.S. insurance markets, like the rest of the nation, were caught off guard by the Sept.11, 2001 terrorist attacks. Loss of life and property led to an estimated $32.5 billion dollars in insured losses – $43 billion in 2013 dollars …

N.Y. Sen.: TRIA Renewal Vital for Economic Development in Cities Across Country

The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y., introduced a bill on April 10 that would extend …

California Coalition Urges Legislature to Call for TRIA Extension

A coalition of tourism entities, commercial property owners and insurers are calling on state legislators to support a resolution urging Congress to extend the Terrorism Risk Insurance Act. AJR 34, authored by Assemblyman Ken Cooley, D-Rancho Cordova, will be heard …

P/C Insurance Executives Expect Flood Insurance Delay, TRIA Renewal, Industry Consolidation

A survey conducted at the Insurance Information Institute’s Property/Casualty Insurance Joint Industry Forum in New York Tuesday asked industry leaders for their outlook on 12 topics — ranging from the Terrorism Risk Insurance Act and the Biggert-Waters Flood Insurance Reform …

Mass. Regulator Offers Update on Industry Developments, Boston Bombing Claims

Massachusetts’ top insurance regulator recently spoke about the state of the insurance industry in Massachusetts, with topics ranging from the auto insurance marketplace and the Biggert-Waters Flood Insurance Reform Act to Boston bombing insurance claims. Speaking at the Massachusetts Association …

On 9/11 Anniversary, a Call to Renew Federal Terrorism Insurance

On today’s anniversary of the 9/11 terrorist attack against the United States, the Insurance Institute for Business & Home Safety (IBHS) joined with citizens across the country in remembering those whose lives were lost and the sacrifices that were made. …

Industry Told TRIA Won’t Be Renewed Until 2014

The property/casualty insurance industry should not count on Congress reauthorizing the federal terrorism reinsurance program this year or in time for January renewals, according to a key insurance lobbyist working on the issue on Capitol Hill. If Congress agrees to …

Group Applauds New York Assembly for Resolution Urging TRIA Extension

An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend the federal Terrorism Risk Insurance Act. Additionally, the New York …