Recent warnings about the increased risk of terrorist attacks in the United States could push forward legislation to reauthorise the Terrorism Risk Insurance Act of 2002 (TRIA), according to a report.
Julie Gackenbach, assistant vice president of federal government affairs for the Property and Casualty Insurers Association of America said that she was "cautiously optimistic" that the publicity surrounding the increased risk level could help push the legislation through this year.
TRIA was originally passed in 2002 after insurers began excluding terrorism from policies. It provides a government funded backstop in the event of a terrorism claim.
The current Act expires at the end of 2005. The new legislation would see it extended until 2007.
