PCI: TRIA Extension Vital to Economy
The Property Casualty Insurers Association of America (PCI) strongly supports an extension of the Terrorism Risk Insurance Act (TRIA), which is necessary to allow businesses to insure against terrorism risks and encourage continued economic growth in geographic areas that face these potential perils.
The program is scheduled to expire on Dec. 31, 2007, and PCI is urging passage of an extension bill as soon as possible.
"TRIA is absolutely vital to our economy, and it needs to be renewed before its expiration date,” says Ben McKay, PCI’s senior vice president, federal government relations. “After 9/11, there was a slowdown in commercial building because terrorism is an uninsurable risk. TRIA helped make terrorism insurance available and affordable. The program has worked, and it continues to work. It would hurt our economy if we allow this much-needed program to lapse."
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $194 billion in annual premium, 40.1 percent of the nation’s property/casualty insurance. Member companies write 51.3 percent of the U.S. automobile insurance market, 39 percent of the homeowners market, 32.1 percent of the commercial property and liability market, and 38.7 percent of the private workers compensation market.
Source: Source: PCI Press Release | Published on September 19, 2007
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