Why do so many people still believe TRIA is nothing but ahandout to the insurance industry, when it is so obvious that themarket cannot function without Uncle Sams support?
Oh, sure, insurers were able to come up with over $20 billion tocover World Trade Center losses, making it one of the worst insureddisasters ever, but the private terrorism insurance market promptlydried up. Theres no way anyone would have written the coverage ifCongress hadnt passed TRIA, and then extended it until the end of2007other than workers comp carriers, of course, who have no choicein the matter.
However, even with the Terrorism Risk Insurance Act providing afederal reinsurance backstop, private carriers arent exactly beingleft off the hook here.
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