Yesterday the Consumer Federation of America (CFA) released a statement that suggested a renewal of the Terrorism Risk Insurance Act (TRIA) may not be necessary given the near-record industry surplus of nearly $600 billion. Today, the Insurance Information Institute responded by emphasizing the stability TRIA continues to provide.
“Private-sector insurers have difficulty pricing terrorism risk insurance because neither the prospective frequency nor the potential cost of man-made, intentionally violent acts can be accurately assessed before they occur,” stated Robert Hartwig, president of the I.I.I., and an economist who has studied the insurance ramifications of the September 11 attack.
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