NU Online News Service, Aug. 26, 2:55 p.m. EDT

WASHINGTON–Swiss Re and Lloyd’s are warning the Treasury Department that the current federal terrorism risk insurance program is underpinning the market, and ending the program would likely substantially limit private market capacity for terrorism risk coverage.

Lloyd’s officials said in a letter to the President’s Working Group (PWG) on Financial Markets, “In the long term, it is unlikely that the stand-alone terrorism market will have the capacity, or risk appetite, to step in should TRIA [the Terrorism Risk Insurance Act] be allowed to expire in 2014.”

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