The end of the Terrorism Risk Insurance Act (TRIA) could spell chaos for the property-casualty insurance industry since insufficient capacity exists to cover the exposures, an executive with Marsh said yesterday.
Robert Blumber, managing director and leader of Marsh Inc.'s Terrorism Risk Practice, made his comments during a teleconference sponsored by his brokerage on "Mitigating the Business Risks of Global Terrorism."
"Assuming there is not another 9/11 type attack in the United States over the next 21 months, the consensus opinion appears to be that a second extension of TRIA in 2007 is highly unlikely," said Mr. Blumber.
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