With no indications whether Congress will decide the future of the Terrorism Risk Insurance Program Reauthorization Act (TRIA), A.M. Best is urging insurers to be prepared to take into account the added exposure that would be added to policies beginning in 2014 if TRIA is not renewed.
Specifically, insurers that rely on the federal backstop are advised to make “detailed plans to be implemented in the event TRIA is not renewed or its protection is materially reduced,” according to the firm’s report, “As Expiration of TRIPRA Approaches, Rating Pressure Increases.”
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