Joe Plumeri, chairman and CEO of global broker Willis Group Holdings Limited, issued a statement on Sunday, Dec. 18, after both Houses of Congress approved a two-year extension of the Terrorism Risk Insurance Act (TRIA). (See related article in National section).
“The two year extension of TRIA, which Congress has just completed action on and will send to the President, is a recognition by our legislative leaders that the federal government must partner with the private insurance markets to protect our national financial and economic security,” Plumeri stated. “By providing a backstop against unsustainable losses, the TRIA extension enables insurers to provide coverage to businesses engaged in construction, real estate management, tourism and a host of other activities that are essential to the U.S. economy.
“A terrorist attack on our soil is not simply an attack against the companies and locations directly impacted. It is an attack against the United States. Terrorism is permanent problem and we must develop a permanent solution. I strongly urge the President to sign this bill into law and concurrently urge our Nation’s leaders to create a long-term solution so we do not find ourselves in this exact same position in two years.”