Extending TRIA for two more years

The catastrophic terrorist attack of September 11, 2001, fundamentally changed the way the world looks at risk and changed the insurance industry forever. The previously unimaginable losses sustained by insurers and reinsurers were more than one and a half times as large as the next largest insured catastrophe loss in history, and more than 30 times larger than the next largest insured terrorist loss. Below Professor Glen Hubbard , Dean of the Graduate School of Business, Columbia University, and Bruce Deal, managing principle partner of Analysis Group, argue the case for the US Congress extending the Terrorism Risk Insurance Act (TRIA) beyond its scheduled expiration date of 31 December 2005.