On November 13 Robert Hartwig, president of the Insurance Information Institute, provided testimony before the United States House Financial Services Subcommittee on Housing and Insurance, 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; the impacts of rating agency stress tests; 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; obstacles to insuring and reinsuring losses arising from acts of terrorism; and cyber terrorism and certification timelines.
Robert P. Hartwig, Ph.D., CPCU, President & Economist, testified before the United States House of Representatives Financial Services Subcommittee on Housing and Insurance on November 13, 2013.
The hearing focused on "The Future of Terrorism Insurance: Fostering Private Market Innovation to Limit Taxpayer Exposure". You can download the testimony below: