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The business of terrorism: the Terrorism Risk Insurance Act of 2002.

By Jarret, Joseph G.
Publication: Florida Bar Journal
Date: Wednesday, October 1 2003

Since the terrorist attacks of September 11, 2001, the economy has been harmed by the withdrawal of many insurance companies from the marketplace for terrorism risk insurance. As a result, on November 26, 2002, President Bush signed into law the Terrorism Risk Insurance Act of 2002 (TRIA). (1) The act is intended to create a terrorism insurance market that will serve the needs of the insured while managing the risk to the insurance industry.

An analysis conducted by various major insurance providers revealed that the recent withdrawal of certain insurance carriers from

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  • Editor's Report
    • Associated Builders and Contractors (ABC) is calling for a two-year extension to the Terrorism Risk Insurance Act. President Bush signed the Terrorism Risk Insurance Act of 2002 (TRIA) into law two years ago. It established a federal Terrorism Insurance Program to provide a system of public and private insurance for ......
  • Terrorism risk insurance extension crosses first hurdle, faces many more.
    • Earlier this month, the House Financial Services Committee passed legislation that will extend the Terrorism Risk Insurance Act by another 15 years. The move is aimed at helping spur the further development of a private market for terrorism risk insurance. After the 9/11 terrorist attacks, many insurance companies excluded ......
  • TRIA gets seven year reprieve as House passesinsurance bill.
    • Washington support for the Terrorism Risk Insurance Act (TRIA) is growing. The U.S. House of Representatives passed H.R. 2761, a bill proposing a seven-year extension of the federal terrorism risk insurance, echoing similar legislation passed by the Senate earlier this year. The legislation is applauded by many in the real ......
  • Congress extends terrorism insurance program.
    • In late December 2005, President Bush signed into law a two-year extension of the Terrorism Risk Insurance Act of 2002 (TRIA), which had been set to expire at the end of the year. The TRIA requires all commercial property and casualty insurance companies to offer terrorism coverage. In exchange, the ......
  • Treasury: Don't extend Terrorism Risk Insurance Act
    • The U.S. Treasury Department on Thursday recommended against extending the Terrorism Risk Insurance Act of 2002, which President Bush signed into law to safeguard the country's economy following the 2001 terror strikes on New York and Washington, D.C.
  • Terrorism Insurance: Implementation of the Terrorism Risk Insurance Act of 2002.
    • GAO-04-307 April 23, 2004 After the terrorist attacks of September 11, 2001, insurance coverage for terrorism largely disappeared. Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002 to help commercial property-casualty policyholders obtain terrorism insurance and give the insurance industry time to develop mechanisms to provide such insurance after ......
  • Terrorism Insurance: Implementation of the Terrorism Risk Insurance Act of 2002.
    • GAO-04-307 April 23, 2004 After the terrorist attacks of September 11, 2001, insurance coverage for terrorism largely disappeared. Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002 to help commercial property-casualty policyholders obtain terrorism insurance and give the insurance industry time to develop mechanisms to provide such insurance after ......

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  • Terror Risk Insurance Update
    • "The Terror Risk Insurance Act ("TRIA") is scheduled to expire on December 30, 2005. Congress is considering extending TRIA, but a decision is unlikely until summer. Policyholders should beware that insurers are responding to the uncertainty surrounding the reauthorization of TRIA by attaching to policies nuclear, biological, chemical, radiological or ......
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    • Preparing Makes Business Sense. "How quickly your company can get back to business after a terrorist attack or tornado, a fire or flood often depends on emergency planning done today. While the Department of Homeland Security is working hard to prevent terrorist attacks, the lessons of the 1993 World ......
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