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Lawmakers in California and New York are drawing attention to the Terrorism Risk Insurance Act (TRIA), which was enacted in 2002 because the private insurance marketplace was failing to provide adequate terrorism insurance coverage following the events of 9/11.
Passage of TRIA stabilized the insurance market, helping improve the construction, real estate, and finance segments of the economy. Real estate experts say that without the government reinsurance provided under TRIA, terrorism coverage is either impossible to obtain for some owners or prohibitively expensive.
