Long-Term Terrorism Risk Insurance Provides Needed Economic Stability

Dec 10, 2014
Press

WASHINGTON, D.C. – Congressman Frank Lucas, a senior member of the House Financial Services Committee, voted today to support passage of the Terrorism Risk Insurance Program Reauthorization Act (TRIA), legislation that helps establish insurance coverage for acts of terrorism. This bill strengthens economic growth and security in our country by providing certainty over the next six years to American enterprises.

“The long-term extension of the Terrorism Risk Insurance program means greater stability for our nation’s job creators. We cannot allow grave threats from the Islamic State and other terrorist organizations to stifle our country’s growing economy. Rebuilding is a critical element in standing up to terrorism, and I believe this wartime measure provides an extremely important piece of mind for consumers and industries in the United States,” said Congressman Lucas.

The Terrorism Risk Insurance Act originally established the Federal Terrorism Insurance Program in 2002 to oversee a public-private system of compensation for insured losses due to acts of terrorism after many businesses were unable to purchase insurance protection following the attacks of September 11. Since its inception, the program has incurred a net cost of zero dollars to the United States Treasury.

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