RIMS Report Explores TRIA
The US Risk Management Society (RIMS) has issued an executive report, entitled
‘Terrorism Risk Insurance Act: The Commercial Consumer’s Perspective’
, that explores the evolution of TRIA and the importance of its reauthorization to protect US businesses from the devastating effects of terrorism.
The report, authored by members of RIMS’ external affairs committee, is designed to educate risk professionals on the TRIA implementation process, RIMS’ official position in support of its reauthorisation, on-going initiatives set to strengthen the Society’s advocacy, as well as a section responding to opposing views of the programme.
“The challenge of predicting the extent of damages that could result from terrorism prevents insurers from providing their clients with adequate and affordable insurance. This uncertainty has forced organisations to rely on TRIA to fulfil those coverage gaps,” said RIMS board director Carolyn Snow.
“With no indication from government as to their plans for the future of TRIA, risk professionals and insurance providers will run into major roadblocks when developing suitable risk financing programmes, especially during the renewal process.
“RIMS external affairs committee has developed this comprehensive resource to help risk practitioners better understand the implications of TRIA’s expiration, encouraging them to join our fight for a long-term TRIA resolution.”