As I feared, extension of the Terrorism Risk Insurance Act will once again be anything but a slam dunk. While this time around, at least, it appears no one in Washington is determined to kill the federal reinsurance program, there is no consensus in Congress on how far to go, and little support from the White House for any permanent facility.
The industry and commercial buyer community would love to be spared the uncertainty of these periodic renewal battles by making TRIA permanent, and perhaps expanding its coverage, but other key players arent so gung ho.
As our news staff reported last week, a bill to extend TRIA beyond its Dec. 31 expiration should be introduced in Congress next month. Rep. Frank said that under his version of the bill, TRIA would include group life exposures, along with the dreaded quartet of nuclear, chemical, biological and radiological attacks, while allowing coverage for domestic terrorist attacks as well. The market was not designed to deal with these criminal acts, he wisely observed.
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