Clock Ticking for Reauthorization of Terrorism Risk 'Backstop'

Insurance industry anxiety is starting to build over whether Congress will reauthorize the Terrorism Risk Insurance Act, which provides a “backstop” for insurers if there is a large loss due to a terrorist event. The program is set to expire at the end of 2020 unless Congress takes action. The American Property Casualty Insurance Association would like to see TRIA reauthorized this year, giving insurers and policyholders certainty when they start renewing policies that will extend beyond 2020, according to Bob Woody, APCIA vice president for policy. APCIA is also hoping for ...