A major insurance brokerage has warned the U.S. Treasury Department that few carriers are willing to insure the unquantifiable risk of terrorism unless they have the backstop provided in the Terrorism Risk Insurance Act.
Responding to the request for comments by a Treasury Department market study group examining the need for TRIA, which is due to expire next year, Chicago-based Aon called for the government to put in place a permanent solution.
"The future outlook will be very bleak unless we begin to formulate the basis for a long-term solution with all due haste," the company wrote.
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