Terrorism Risk Insurance Vital Says Securities Industry Association

Marc Lackritz, President of the Securities Industry Association (SIA), today made the following statement after the Senate passed a two-year extension of the Terrorism Risk Insurance Act of 2005, S. 467.

“This program ensures that American businesses and property owners are able to secure sufficient and affordable insurance against future catastrophic acts of terrorism. As such, it is integral to the continued development of lower Manhattan,” said Lackritz. “Risk management professionals indicate that if the law were to expire, a sustainable, private market is unlikely to evolve. This extension will provide much-needed stability in the marketplace and coverage in case the unthinkable occurs once again.”