New York, NY – Marsh & McLennan Executive Vice President and General Counsel Peter J. Beshar recently released the following statement regarding Marsh’s support for TRIA Extension: Marsh & McLennan Companies is greatly encouraged by the Senate’s action to advance the Terrorism Risk Insurance Program Reauthorization Act. We consider TRIA to be a model private-public partnership and insurance markets, particularly in workers compensation and property, have been unsettled by the uncertainty surrounding the program’s reauthorization.
The new legislation — introduced by Senators Schumer, Reed, Murphy, Heller, Kirk, and Johanns — extends the program for seven years; continues the arc of appropriately transferring risk away from taxpayers and back to the private market; and reassures policyholders and carriers that the program will continue.
Swift reauthorization of TRIA is critical. As reflected in Marsh’s comprehensive industry survey, terrorism insurance take up rates have increased in key sectors of the economy. All the while, the price of coverage has dropped.
On April 22, Marsh will release updated survey results that shows demand for coverage remains strong and is growing in key markets.
We look forward to working with lawmakers in both the Senate, and the House, to finalize the legislation.
Source: Marsh & McLennan