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Side Bar- A Calm Eye of the Storm

When the Terrorism Risk Insurance Act (TRIA) of 2002 was set to expiretwo years ago, Congress did a last-minute dance, extending the legislation through the ...

By Staff Writer | Updated on May 01, 2007

When the Terrorism Risk Insurance Act (TRIA) of 2002 was set to expiretwo years ago, Congress did a last-minute dance, extending the legislation through the end of this year, with a caveat to insurers: Get your act together now and create a commercial market absorbing terrorism risks. Once again, we are looking at TRIA’s sunset, and there are still no signs on the horizon of a private-sector solution.

There is, however, a decided change in Congress, with the current Democratic leadership favoring another TRIA extension–and not even for a scant two years. “We’re hearing another extension will sail through Congress,” says John Iten, a director at Standard & Poor’s in New York. “The Democratic leadership has a very different view than their Republican counterparts in terms of the desirability of a longer solution.”

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