American Property Casualty Insurance Association
  • Staff Contact: Brooke Kelley     
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Contact:

Brooke Kelley-Hunt

Phone:

847-553-3671

Email:

Brooke.kelley-hunt@pciaa.net

 

 

FOR RELEASE ON RECEIPT

March 20, 2014

Alabama Governor and Legislature Urge TRIA Reauthorization

MONTGOMERY, Alabama - The Property Casualty Insurers Association of America (PCI) applauds the Alabama Legislature and Alabama Governor Robert Bentley for passing and signing a resolution urging the U.S. Congress and the President of the United States to reaffirm their support for the reauthorization of the Terrorism Risk Insurance Act (TRIA). PCI commends Alabama Representative Greg Wren, the resolution sponsor, and Senator J.T. “Jabo” Waggoner, who were both instrumental in the resolution's passage.

“Terrorism remains a high level threat to our country’s national security, with the potential for a catastrophic terrorist act to occur anytime and anywhere,” said Donovan Brown, PCI’s regional manager. “TRIA is a fiscally responsible and effective national security plan. To protect America, and in order to safeguard Alabama’s citizens and its economy, it is crucial to have a responsible plan in place before the next catastrophe.”

Terrorism is random and its frequency and likelihood cannot be modeled. A terrorist attack can happen in any rural or urban area across our country; no state is immune from a potential terrorist attack.

TRIA will help protect the Alabama taxpayers from most of the cost of terrorism losses. It will help Alabama recover and ensures large construction projects can be built in a timely, cost effective manner after an attack occurs which would help keep the Alabama economy stable and provide jobs.  Alabama’s commercial properties such as the $400 million Wells Fargo Data Center, the $110 million Regions-Harbert Plaza, and the $26 million Talladega Speedway require terrorism insurance. TRIA also provides economic protection to the thousands of restaurants and hotels that serve the thriving Alabama tourism industry, which provided more than $3.5 billion to the state’s economy and supported 156,900 jobs in 2010.

“Alabama is home to the 5th largest college football stadium in the nation, several major universities, and seven major U.S. Military installations. Any of these institutions could be a potential target for a terrorist attack,” said Donovan Brown, PCI’s regional manager. “Consequently, TRIA is vital to Alabama’s economic growth. We applaud Governor Bentley for recognizing the importance of protecting the Alabama citizens, economy and jobs.”

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 in the U.S. In Alabama, PCI members write 39 percent of the total p/c business, 37 percent of the commercial lines market and 41 percent of the workers compensation market. Alabama is home to 16 companies that write TRIA-covered lines.  

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