Marsh & McLennan Urges Lawmakers to Reauthorize Terrorism Risk Insurance Program During U.S. Senate Hearing
June 18 2019 - 12:00PM
Business Wire
Earlier today, Tarique Nageer, Property Terrorism Placement and
Advisory Leader, Marsh, a Marsh & McLennan (NYSE:MMC) firm,
testified before the United States Senate Committee on Banking,
Housing and Urban Affairs, on the importance of the Terrorism Risk
Insurance Program Reauthorization Act (TRIPRA), which is scheduled
to expire on December 31, 2020. Marsh is the world’s leading
insurance broker and risk adviser.
“Terrorism remains an evolving, expanding, and ever-present risk
in the U.S., which underscores the importance of the Terrorism Risk
Insurance Program and its role in ensuring the continued stability
and health of the terrorism insurance markets,” said Mr. Nageer.
“We cannot afford to be complacent with regards to the program’s
reauthorization.”
“The breadth of clients purchasing terrorism insurance in the
U.S. is considerable and comprised of companies across every sector
of the economy, of all sizes, in big and small cities alike,” said
John Doyle, President and CEO, Marsh. “These organizations depend
on the program to thrive and protect their workforce. We strongly
support the reauthorization of TRIPRA.”
Marsh’s recently released 2019 Terrorism Risk Insurance Report
notes that education entities were the most frequent buyers of
terrorism insurance in 2018. Hospitality, gaming, health care, life
sciences, and nonprofits are in the top ten sectors buying
coverage.
The report also notes that should Congress allow TRIPRA to
expire without a replacement, it could create capacity shortfalls,
especially for businesses with significant workers’ compensation
accumulations.
“Uncertainty about TRIPRA’s future is already prompting insurers
and terrorism insurance buyers to seek additional reinsurance
limits and coverages, on the assumption that there will be limited
capacity available in the private market,” said Emil Metropoulos,
Workers’ Compensation & Terrorism Center of Excellence Practice
Leader, Guy Carpenter, also a Marsh & McLennan firm.
Mr. Nageer added: “A seamless renewal process and robust
reauthorization bill can help keep the terrorism insurance market
viable and competitive for buyers and encourage decisions to be
made with a full understanding of shifts in the nature of terrorism
and how they can affect organizations and insurers.”
A copy of Mr. Nageer’s testimony can be found here.
About Marsh & McLennan Companies
Marsh & McLennan (NYSE: MMC) is the world's leading
professional services firm in the areas of risk, strategy and
people. The company's 75,000 colleagues advise clients in over 130
countries. With annualized revenue approaching $17 billion, Marsh
& McLennan helps clients navigate an increasingly dynamic and
complex environment through four market-leading firms. Marsh
advises individual and commercial clients of all sizes on insurance
broking and innovative risk management solutions. Guy Carpenter
develops advanced risk, reinsurance and capital strategies that
help clients grow profitably and pursue emerging opportunities.
Mercer delivers advice and technology-driven solutions that help
organizations meet the health, wealth and career needs of a
changing workforce. Oliver Wyman serves as a critical strategic,
economic and brand advisor to private sector and governmental
clients. For more information, visit mmc.com, follow us on LinkedIn
and Twitter @mmc_global or subscribe to BRINK.
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Media:Amelia WolteringMarsh & McLennan Companies+1
212.345.0864Amelia.Woltering@mmc.comSally RobertsMarsh+1
303.952.9453Sally.Roberts@marsh.com
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