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TRIA extension no slam dunk: report on 'benefits' of ending federal backup could undermine industry's case.

Publication: National Underwriter Property & Casualty-Risk & Benefits Management
Publication Date: 24-JAN-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: TRIA extension no slam dunk: report on 'benefits' of ending federal backup could undermine industry's case.(Washington Outlook)(Terrorism Risk Insurance Act of 2002 )

Article Excerpt
WASHINGTON A RECENT CONGRESSIONAL Budget Office report concluding that the costs to the economy of "scaling back" federal coverage for terrorism insurance is "likely to be small" points out the difficulty the insurance industry faces in having the Terrorism Risk Insurance Act extended.

"I think there is overwhelming support for an extension of the law, and I am optimistic that that support will ultimately prevail," stated Eric Oxfeld, president of Strategic Services for Unemployment & Workers' Compensation in Washington. However, "the CBO report shows that a lot of work will be required to get it extended."

TRIA--which provides a federal reinsurance backstop once a fairly high insurance industry loss is sustained--is set to expire on Dec. 31, 2005, but the industry is seeking to have it extended for at least two years while it continues to work to expand the private market for terrorism coverage.

The current thinking is that legislation extending TRIA for two years will be introduced in the House, which is also likely to hold hearings on the...

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