Viewers can read herebelow a press comment from IUA chief executive Dave Matcham on the renewal of the Terrorism Risk Insurance Act (TRIA).
Dave Matcham, Chief Executive of the International Underwriting Association, said: “The IUA is pleased to see the US House of Representatives has acted to renew the Terrorism Risk Insurance Act (TRIA) and therefore reduce economic uncertainty.
“In recent years there has been much progress in the insurance industry towards a better understanding of terrorism risks and there is certainly more private sector coverage on offer.
“But without a government backstop in the event of a large scale terrorist event, insurers would be forced to consider withdrawing cover in some areas and policies would potentially be much more expensive than they are currently.
“A renewal of TRIA will provide the insurance industry with the economic security it needs to continue supporting the wider economy across a range of business classes.”