Two insurance trade groups are pointing to a new internationalstudy that says there are continuing gaps in terrorism reinsurancecoverage that would be revealed by another large attack. Thereport, the groups said, underscores the need for quickcongressional action to extend the Terrorism Risk Insurance Act,which expires Dec. 31.
The report by the Organization for Economic Cooperation andDevelopment, released late last week, said that conditions onterrorism insurance markets have improved over the last severalyears but private markets are still not able to fully cover theextremely large losses that could result from terrorist acts in thefuture.
David Snyder, a vice president with internationalresponsibilities at the American Insurance Association, who workedwith OECD and other international agencies over the last severalyears on terrorism risk and trade issues, said that the report "isglobal validation of the need to extend TRIA."
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