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International underwriters group urges U.S. to extend TRIA

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The London-based International Underwriting Association is urging the United States to extend the federal terrorism insurance backstop beyond its scheduled Dec. 31, 2014, expiration.

In a letter to the Federal Insurance Office, which has solicited comments on the program, IUA Chief Executive Dave Matcham wrote, “The insurance market has certainly made progress towards better understanding of terrorism risks in recent years, and there is more private coverage available since 2001.

“By providing a backstop in the event of a catastrophic terrorist event, the U.S. government has provided the economic security to insure investment in the country, particularly in real estate and construction activities.”

“There is no doubt that TRIA has positively contributed to the private market for terrorism coverage and had a stabilizing effect on the wider economy,” he wrote. “Its reauthorization would ensure continued benefit to insurers, their clients and the country.”