Steve Hearn, Deputy CEO, Willis Group Holdings, spoke with A.M. Best from the RIMS 2013 Conference about the importance of renewing the TRIA, the terrorism insurance backstop, lessons learned from Hurricane Sandy, and innovation in the insurance industry.
TRIA is a part of the United State’s economic defense platform and plays in important role in insurance market stability, providing pricing consistency and a level of capacity which could all be significantly eroded if TRIA is not extended. In addition, major development and construction projects are tied to debt obligations which require the long term continuation of terrorism insurance. These could be brought to halt if TRIA is not extended.
Watch the full interview here: