Enacted in the wake of 9/11, the Terrorism Risk Insurance Act (TRIA) has provided stability to the economy since 2002. Following the attacks, reinsurers and primary insurers – after paying out more than $30 billion in claims – withdrew from the terrorism risk insurance marketplace. The absence of coverage contributed to massive job losses and billions of dollars in damage to industries dependent upon the availability of terrorism risk coverage. More than 300,000 jobs were lost, and economic development stalled.
Recognizing the critical importance of terrorism risk insurance, NAREIT joined with the Real Estate Roundtable to launch the Coalition to Insure Against Terrorism (CIAT) in 2002. CIAT represents businesses and organizations throughout the real estate, manufacturing, utility, construction, transportation, sports, entertainment and retail sectors. The coalition speaks for business insurance policyholders as part of an ongoing effort to ensure that terrorism coverage is both available and affordable.
CIAT was integral to the 2002 enactment of TRIA, which restored the private insurance marketplace and allowed businesses to once again purchase terrorism risk insurance while protecting the economy against highly unpredictable, catastrophic terrorist attacks. Today nearly 1.5 million American businesses have terrorism risk insurance coverage.
TRIA has been reauthorized with strong bipartisan support three times since 2002. The most recent reauthorization extended the program through 2020, and was signed into law in January 2015.
STATUS: In January 2015 TRIA was renewed through 2020.
For more information on TRIA, please visit the Coalition to Insure Against Terrorism website.