Efforts are underway to repair a rift within the property-casualty insurance industry on the basic principles that should be sought in legislation reauthorizing the Terrorism Risk Insurance Act.
Specifically, the American Insurance Association and the Coalition to Insure Against Terrorism, which drafted a joint negotiating approach, are proposing concessions that would lower the threshold level for federal government involvement in paying claims resulting from a terrorist attack.
Initially, the AIA/CIAT agreement proposed a trigger for federal aid in the event of a terrorism attack “no higher than the current $100 million, with possible special provision for small insurers.”
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