Although many industry groups expressed "shock, dismay and disappointment" in reaction to the news earlier this month that the Terrorism Risk Insurance Program Reauthorization Act of 2014 (TRIPRA) will be allowed to expire, ratings agencies and brokers have been a little more optimistic.
S&P Rating Services: Underwriting as usual
The credit analysts at Standard & Poor's Rating Services don't expect to take "widespread rating actions" on U.S. insurers based on the lack of action by the U.S. Senate. The analysts do expect the legislation to be a focal point for the new Congress beginning Jan. 6, 2015. They also note that if a resolution doesn't occur during the first quarter of 2015, insurers may formulate their own contingency plans.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
