Ace Ltd. CEO Evan G. Greenberg gave a full-throttle endorsement for the renewal of the Terrorism Risk Insurance Act, saying without it there would be little or no terrorism insurance in the market.
“I think from any rational point of view, TRIA is really a no-brainer to renew,” says Greenberg (pictured at left) during a conference call to discuss the insurer's first-quarter earnings. “It provides a backstop of certainty that allows businesses to continue on.”
“It is not a benefit to the insurance industry; it is a benefit to business overall” he adds. “If it wasn't for TRIA, you wouldn't see much terrorism insurance sold.”
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