American Property Casualty Insurance Association
  • Staff Contact: Nicole Mahrt-Ganley     
    • Printer-Friendly Printer-Friendly PDF Export PDF Export

 

Contact:

Nicole Mahrt

Phone:

916-616-5855

E-Mail:

Nicole.mahrt@pciaa.net

 

FOR RELEASE ON RECEIPT

April 1, 2014

California Coalition Urges Legislature to Call for Federal Extension of the Terrorism Risk Insurance Program

SACRAMENTO, CA – A broad coalition of tourism entities, commercial property owners and insurers are calling for members of the California Assembly Insurance Committee to support a resolution (AJR 34) urging Congress to extend the Terrorism Risk Insurance Program (TRIA) to maintain U.S. economic stability and continuity following a terrorist attack. 

“Passage of TRIA following the September 11th attacks stabilized the insurance market and broke through the paralysis that plagued the economy, especially in the construction, real estate, finance and other vital sectors,” said Mark Sektnan, ACIC president.  “California is home to many skyscrapers, airports, tourist attractions, sporting venues, universities, bridges, military bases and other major potential targets.  California is also the nation’s food basket as the largest agricultural supplier in the nation.  The extension of TRIA will protect California’s 14.6 million workers and a multitude of high-value commercial properties.”

AJR 34, authored by Assemblyman Ken Cooley, will be heard in Assembly Insurance Committee tomorrow.  This resolution calls for reauthorization of TRIA, which requires insurers to offer coverage for terrorism to policyholders in certain commercial insurance lines.

“Without the extension of TRIA by Congress adequate terrorism coverage for current and future activities could be unavailable from private insurers,” said Sektnan.  “Without the backing of TRIA, public events and construction projects in California might not go forward.  We urge members of the Assembly Insurance Committee to support AJR 34 and send a message of support for extension of TRIA to the California Congressional Delegation.”

Members of the coalition in support of AJR 34 include the American Insurance Association, the Association of California Insurance Companies, the Building Owners and Managers Association of California, California Business Properties Association, California Financial Services Association, the California hotel & Lodging Association, Commercial Real Estate Development Association, International Council of Shopping Centers, National Association of Mutual Insurance Companies, Pacific Association of Domestic Insurance Companies, and the Personal Insurance Federation of California. 

The Association of California Insurance Companies (ACIC) is part of the Property Casualty Insurers Association of America (PCI). ACIC is PCI’s California Voice representing 363 property casualty insurance companies doing business in California. These members write $20.2 billion in premium in California insuring 36 percent of the property casualty insurance sold in the state. California members write 44 percent of personal auto insurance, 29 percent of homeowners insurance, 33 percent of commercial lines business insurance and 40 percent of private workers compensation insurance sold in California.

 

###