Working with the new Congress on a renewal of the Terrorism Risk Insurance Act (TRIA) is one of the primary lobbying goals of the P&C industry in 2013.
TRIA, whose enactment in 2002 created a U.S. government reinsurance facility to provide coverage to insurance companies following a declared terrorism event, is set to expire Dec. 31, 2014—and, according to some industry sources, a renewal is by no means a slam-dunk.
Should the federal backstop disappear, the ripple effect on the country's real estate and insurance sectors will resemble more of a tsunami than a wave, observers warn.
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