While reauthorization of The Terrorism Risk Insurance Act (TRIA) is likely to receive strong support in Congress, success may come very late in the process, predicts Robert Gordon, SVP, policy development and research, for the Property Casualty Insurers Association of America (PCI) during the National Association of Insurance Commissioners’ (NAIC) Spring National Meeting in Houston yesterday.
Insurance for acts of terrorism was the topic for the NAIC’s Center for Insurance Policy and Research (CIPR) brunch event which featured speakers providing perspectives on the current and prospective private market for terrorism coverage, details on how the current program works and the importance of getting TRIA renewed on a timely basis.
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