Both the House and the Senate are considering legislation that would extend the Terrorism Risk Insurance Act of 2002. The act expires Dec. 31, 2005, creating possible coverage gaps in policies that extend into 2006. Federal Reserve Chairman Alan Greenspan provided impetus for the extension when he recently expressed doubts that the private market alone can work well enough to insure against the continuing threat of terrorist attacks.

“Catastrophic losses related to terrorist attacks continue to appear uninsurable, and we do not believe that a federal terrorism backstop should be allowed to lapse,” said Charles E. Symington Jr., senior vice president of federal government affairs for the Independent Insurance Agents & Brokers of America. It could be difficult, if not impossible, for businesses to obtain insurance against losses related to terrorist acts, and that could have serious economic consequences in the event of another terrorist attack on American soil.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.