I.I.I. Testifies on TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program
On September 11, 2012, Robert Hartwig, president of the Insurance Information Institute (I.I.I.) testified at a U.S. House of Representatives’ hearing entitled, “TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program.” Hartwig began his remarks with a review of the impacts of the September 11, 2001, attacks on the insurance industry, followed by a brief summary of changes in the terrorism threat landscape since the enactment of the original TRIA legislation in 2002. The testimony also includes discussions of the following issues: why most terrorism risk remains fundamentally uninsurable in the private insurance and reinsurance markets; the impact of the Terrorism Risk Insurance Program in maintaining market stability; obstacles to insuring and reinsuring losses arising from acts of terrorism; the success of the Terrorism Risk Insurance Program and the current state of the market for terrorism coverage, and; possible options for expanding private sector terrorism coverage. Hartwig concludes that the program is a success by “all objective measures” and that “market stability in terms of both pricing and availability of terrorism coverage, as well as the ability to maintain adequate and expanding levels of capacity over time, are contingent on the continued existence of the Terrorism Risk Insurance Program.”
Robert P. Hartwig, Ph.D., CPCU, President & Economist, testified before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on September 11, 2012.
The hearing focused on "The Future of the Terrorism Risk Insurance Program". You can download the testimony below: