December 17, 2005

Pryce Votes to Extend Terrorism
Insurance Program

Bill Ensures Survival of Nation’s Insurance Industry if Terrorism Strikes Again  

Washington , D.C. — Today, Congresswoman Deborah Pryce (R-Upper Arlington) praised the overwhelming, bipartisan House passage of S.467, the Terrorism Risk Insurance Act (TRIA). This legislation honors the commitment that Congress made following the terrorist attacks of September 11 th, 2001, to provide federal insurance backup for catastrophic losses suffered in a terrorist attack.

“In the post 9/11 world, TRIA is the preventative medicine our nation must take to secure our economic health should disaster strike again,” said Pryce. “The federal government must continue to bridge the gap while the private sector develops a terrorism insurance market. TRIA provides the insurance industry the necessary safety net in the event the unthinkable happens again, and without TRIA, construction and development are stymied as insurers remain reluctant to back projects because of terrorism concerns.

“The potential for another catastrophic terrorist attack is frightening enough, but hamstringing our nation’s ability to recover financially from it is unthinkable and reckless,” Pryce said.

The bill passed by Congress today will provide the federal backing necessary to allow the private sector to continue to develop a terrorist insurance market.  Having passed the Senate, the bill will soon be sent to the President, who is expected to sign it into law shortly.