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Terrorism Insurance Backstop Should be Maintained, RER Says
Commercial terrorism insurance has become more available and affordable since the Sept. 11, 2001 terrorist attacks, but still appears to be evolving, according to a recent government report.
Commercial terrorism insurance has become more available and affordable since the Sept. 11, 2001 terrorist attacks, but still appears to be evolving, according to a recent government report.
The report from the President's Working Group on Financial Markets comes as members of the Real Estate Roundtable urged Congress to approve a public-private solution for terrorism insurance.
There appears to be limited ability for private coverage for chemical, biological and radiological risks, according to a report from the Government Accountability Office, largely because financial losses from such an attack don't meet the principals of insurable risk, according to the report.
The Terrorism Risk Insurance Extension Act of 2005 provided a federal backstop for terrorism insurance, and the backstop should be retained, according to the Real Estate Roundtable (RER).
"Current capacity is nowhere near the level needed to provide protection to our economy without the TRIA backstop," Roundtable Chairman Chris Nassetta told lawmakers at a recent congressional hearing.
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