Is TRIA Doomed?
Extending the Terrorism Risk Insurance Act seems like a no-brainer, but this wouldnt be the first time members of Congress would be guilty of not using their heads when they vote.
What is the alternative? Dumping an unpredictable risk into the laps of the insurance industry, only to see carriers bankrupted when terrorists strike again? The party in power claims to be big believers in the free market, but do they understand that private individuals are free to refuse to put money at risk? Thats what will happen if Congress kills TRIA and removes the critical reinsurance backstop it provides to carriers.
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