Swiss Re speaks to Congress on TRIA

On Thursday, September 19, Eric Smith, President and CEO of Swiss Re Americas gave testimony on the “The Terrorism Risk Insurance Act of 2002” hearing before the House Committee on Financial Services.

He delivered an unequivocal message to Members of Congress: without reauthorization of TRIA, re/insurance capacity will shrink significantly or disappear and US taxpayers will be at greater risk.

Mr Smith's testimony also reflected the views of Swiss Re clients and a unified insurance sector.  

Speaking before the House Financial Services Committee chairman and other probing Members, Mr Smith and representatives from Marsh & McLennan, United Educators, and RMS, articulated the case for a long-term or permanent extension of the effective public-private partnership.  A representative of Taxpayers for Common Sense called on Congress to allow TRIA to expire or establish a pre-funded pool. 

With TRIA set to expire at the end of 2014, Thursday's hearing set the stage for the upcoming Congressional debate on the program's reauthorization. 

Read more to learn about the Swiss Re public policy and insights surrounding this Act.

Published 26 September 2013

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