TRIA Gives Americans Short-Term Risk Protection (Sen. Richard Shelby)
Today we will consider the Terrorism Risk Insurance Program Reauthorization Act (TRIA) of 2007. This bill extends the Terrorism Risk Insurance Program. During the past five years, the private sector has substantially improved its capacity to cover losses caused by terrorism. As a result, the number of policyholders purchasing terrorism risk insurance coverage has increased dramatically. By providing another temporary extension of TRIA in its present form, it is my hope that the private market for terrorism insurance will continue to develop so that the Federal government can reduce its role in the future.