American Property Casualty Insurance Association
  • Staff Contact: Nicole Mahrt-Ganley     
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Contact:

Nicole Mahrt Ganley

Phone:

916-440-1116 or cell 916-616-5855

Email:

Nicole.mahrt@pciaa.net

 

 

FOR RELEASE ON RECEIPT

February 27, 2014

South Dakota Legislature Urges Congress to Reauthorize TRIA

PCI Applauds South Dakota’s Support for this Vital Economic Resiliency Plan 

 

PIERRE, SD – Both houses of the South Dakota Legislature approved a resolution encouraging the state’s congressional delegation, the U.S. Congress and the President of the United States to support the reauthorization of the Terrorism Risk Insurance Act (TRIA).  South Dakota House Speaker Pro Tem Dean Wink-R authored HCR 1019 to urge federal leaders to once again reauthorize TRIA.  TRIA helps protect taxpayers and ensures economic security after a catastrophic attack.

 

"PCI applauds South Dakota Legislators for recognizing that TRIA bolsters America’s economy by ensuring the availability of terrorism coverage,” said Kelly Campbell, PCI vice president.  HCR 1019 acknowledges that the attacks of September 11, 2011 produced insured losses larger than any other man-made event in United States history totaling $32.5 billion and the enormity of these terrorist attacks and the possibility of future attacks sent financial shockwaves that shook insurance markets and made terrorism uninsurable.  

 

Speaker Pro Tem Wink was joined by 20 fellow members of the South Dakota House of Representatives and 16 members of the South Dakota State Senate as coauthors of this important resolution. 

 

“TRIA protects US businesses and our economy by providing terrorism risk coverage in a fiscally responsible manner while greatly decreasing the need for government assistance after a major terrorism attack,” said Campbell.  “South Dakota legislators are right to recognize the importance of keeping terrorism insurance available to protect the U.S. economy. Members of Congress and the President should listen to state leaders and reauthorize TRIA now.”

 

HCR 1019 was approved by the South Dakota House of Representatives on a vote of 64 Yeas and 3 Nays.  The South Dakota State Senate voted 34 to 0 to support the resolution and urge Congress and the President to reauthorize TRIA.

 

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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