Source: United States House of Representatives – Congressman Josh Gottheimer (NJ-5a)
WASHINGTON, DC – This week, U.S. Congressman Josh Gottheimer (NJ-5) fought for the bipartisan, long-term reauthorization of H.R. 4634 – the Terrorism Risk Insurance Act (TRIA), currently set to expire next year. TRIA was signed into law in the aftermath of the devastating September 11 terrorist attacks, which resulted in the largest insured losses from a non-natural disaster on record — $45 billion in current dollars. Gottheimer and a bipartisan group of 27 Members of Congress introduced TRIA in 2019, which would reauthorize the federal government’s terrorism insurance backstop for 10 more years.
Following 9/11, terrorism risk insurance coverage became either unavailable or extremely expensive. TRIA corrected this market failure and now keeps terrorism insurance coverage affordable and available by creating a federal backstop in the event of other terrorist attacks. TRIA protects our economy from the costs of a terrorist attack and provides security for businesses of all sizes, hospitals, schools, and major landmarks.
“Shortly after 9/11, terrorism risk insurance became unavailable or extremely unaffordable. This had important ripple effects across the local economy, including in my home district of NJ-5, in a way that hindered recovery efforts. Thankfully, Congress passed TRIA, which established the first federal backstop for terrorism risk insurance and helped insurers offer it affordably, nationwide,” Gottheimer said during this week’s House Financial Services Committee hearing. “Timely TRIA reauthorization is particularly important to my home district, the Fifth District of New Jersey, where there is a high population density, important cultural centers and landmarks, and major infrastructure, including bridges, tunnels, rail and highways. That is why I’m proud to be an original cosponsor of the bill to fully reauthorize TRIA through 2030 and urge its immediate passage.”
During the Committee’s hearing, Gottheimer honored the memory of all the innocent victims, firefighters, police, and first responders who lost their lives during the 9/11 attacks.
At the Committee’s hearing, Gottheimer questioned Chlora Lindley-Myer, Director of Missouri Department of Commerce and Insurance, testifying on behalf of the National Association of Insurance Commissioners; Dawn Dinkins, COO & Platform Officer of Reinsurance of AXA AL, testifying on behalf of the Reinsurance Association of America; Joe Carter, Acting CEO of United Educators, testifying on behalf of the American Property Casualty Insurance Association; and John Doyle, CEO of Marsh and McLennan Insurance.