Rep. Maloney Hosts Terrorism Risk Insurance Act Roundtable
NEW YORK, NY- Today Congresswoman Carolyn B. Maloney (NY-12) hosted a roundtable meeting on the importance of reauthorizing the Terrorism Risk Insurance Act (TRIA) before it expires at the end of 2020. The Congresswoman was joined by Rep. Nydia Velazquez (NY-07), Rep. Gregory Meeks (NY-05) and industry stakeholders.
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.
In response, Congress came together in a bipartisan way and passed the Terrorism Risk Insurance Act, which provides a government backstop for terrorism insurance to make it both available and affordable at no cost whatsoever to taxpayers. With TRIA set to expire again at the end of 2020 — it is incredibly important to start thinking about reauthorization now.
“The magnitude and importance of the Terrorism Risk Insurance Act cannot be overstated. TRIA provides critical government backup to private insurers in the event of a terrorist attack and is especially vital to the economy of New York City. This morning I hosted a roundtable meeting alongside my colleagues in Congress and industry stakeholders to discuss how TRIA is working now, whether there should be any changes made to this legislation before reauthorization, and when Congress needs to act. What we learned today is that all the stakeholders agree that Congress should pass a clean, long-term reauthorization of this critically important legislation — without delay. The Terrorism Risk Insurance Act is one of the most important issues before Congress and it must be renewed with no disruption to coverage and no lapse in renewal. I look forward to continued discussion on this critical legislation.”