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Questions raised over terrorism coverage insurance act extension

Washington DC -- Controversy is swirling around the Terrorism Risk Insurance Act (TRIA), as various US departments produce reports and the US Sentate held hearings in May to determine if the programme should be extended beyond its expiration date.

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The TRIA was put in place in November 2002 by the US Congress – it established a three-year programme of shared public and private compensation for insured commercial property and casualty losses that result from acts of terrorism as defined in the legislation. It effectively placed the government in the terrorism risk reinsurance business, and the Act expires in December 2005. However, insurers will only have to "make available" terrorism risk insurance coverage until December 31 this year

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