Maloney Praises Inclusion of TRIA in Bipartisan Spending Package
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY) today praised the inclusion of the bipartisan H.R. 4634, the Terrorism Risk Insurance Program Reauthorization Act of 2019 in the House FY2020 appropriations package. In October, the Congresswoman hosted a roundtable on the importance of reauthorizing the Terrorism Risk Insurance Act (TRIA) before it expires at the end of 2020.
“The magnitude and importance of the Terrorism Risk Insurance Act cannot be overstated – which is why it garners bipartisan and bicameral support. Cities like New York City need TRIA to keep our economies thriving.
“After the terrorist attacks on 9/11, insurers realized that they could not accurately model for terrorism risks because they simply did not have all the information they need to predict where a terrorist attack is most likely to happen, and how likely it is to occur. As a result, the market for terrorism insurance completely shut down. Without terrorism insurance, construction stopped and thousands of jobs were lost. But, with TRIA, the government provides a much backstop for terrorism insurance to make it both available and affordable at no cost whatsoever to taxpayers. This program is working and reauthorizing it now, well ahead of its expiration in 2020, is the right thing to do.”