On September 25 Robert Hartwig, president of the Insurance Information Institute, provided testimony before the United States Senate Committee on Banking, Housing and Urban Affairs, on the renewal of the Terrorism Risk Insurance Program (TRIA). Hartwig addressed the following issues: the immediate impacts of the September 11, 2001 attacks on insurance and reinsurance markets; the essential role that TRIA plays with the nation’s national security infrastructure and its benefits to consumers, businesses and communities; taxpayer protection features of TRIA; private sector insurer and reinsurer involvement in terrorism insurance markets since 9/11; the unique nature of terrorism risk and the limits of private sector involvement in terrorism insurance markets; and changes in the terrorism threat landscape since the enactment of the original TRIA legislation in 2002 and the impacts on terrorism insurance. He concluded with a discussion of the potential economic and insurance market impacts if TRIA is not extended.
Robert P. Hartwig, Ph.D., CPCU, President & Economist, testified before the United States Senate Committee on Banking, Housing and Urban Affairs on September 25, 2013.
The hearing focused on "Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market". You can download the testimony below: