Insurers, agents and risk managers were relieved to hear that terrorism coverage won't be impossible to find or afford for the next seven years, thanks to the vote in Congress last week to extend the federal government's reinsurance program, saying it will provide critical certainty to the commercial insurance market.

At the same time, smaller insurers were grateful for what Congress didn't do with its extension of the Terrorism Risk Insurance Act–that is, expand the program to cover nuclear, biological, chemical and radiological risks, as the original House version sought to do.

The Council of Insurance Agents and Brokers looked to assuage the bitterness of key House Democrats, who voiced anger during last week's floor debate on TRIA extension over the fact that the Senate's more restrictive bill–supported by President George W. Bush–was presented on a take-it-or-leave-it basis.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.