That sigh of relief you might have heard over the holidays coming from Washington was the sound of insurance industry lobbyists grateful that President George W. Bush had finally signed a bill extending the Terrorism Risk Insurance Act for two more years, just about a week before the controversial program was due to expire on Dec. 31. The question now is what to do about terrorism reinsurance beyond 2007.

Extension was no slam dunk for the industry, confronted with critics accusing insurers of seeking a “bailout,” a White House determined to downsize the government’s exposure, as well as a Congress widely split on whether to simply renew the structural status quo or completely reinvent the federal reinsurance backstop.

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?


© 2023 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 © 2023 ALM Global, LLC. All Rights Reserved.