(Bloomberg Politics) — What's at risk if Congress fails to extend government-backed terrorism risk insurance before adjourning this week? According to a coalition of athletic enterprises, insurance companies, developers and businesses, just about everything.
The program traces its lineage to Sept. 11, 2001, when the strikes on the World Trade Center in New York resulted in more than $30 billion in insured losses, the most in history. After that, insurers began excluding terrorist attacks from policies.
So in November 2002, Congress passed the Terrorism Risk Insurance Act, or "TRIA" in DC parlance, which has been extended several times. It is again up for reauthorization. Some lawmakers, including Oklahoma Senator Tom Coburn and Texas Representative Jeb Hensarling, have pointed out that TRIA was supposed to be temporary, yet here we are, some 12 years later.
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