Discussion of the Terrorism Risk Insurance Act today on Capitol Hill in Washington, D.C., ranged from the capital position of the reinsurance market, the ability to model terrorism risks, whether smaller and mid-sized insurers would suffer disproportionately from a lack of renewal and whether the trigger for the federal backstop should be increased.
In the end, all five panel members that gave testimonies and were subsequently questioned by several members of Congress today were in favor of Terrorism Risk Insurance Act (TRIA) reauthorization in a hearing called by the Committee on Financial Services subcommittee on Housing and Insurance, called “The Future of Terrorism Insurance: Fostering Private Market Innovation to Limit Taxpayer Exposure.”
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