RIMS, the risk management society®, commends Congress for their efforts in authorizing a seven-year extension of the Terrorism Risk Insurance Act (TRIA). The Society has advocated for the latest bill since the last iteration expired in 2017:
RIMS leadership offered the following comments in reaction to TRIA’s reauthorization:
RIMS 2019 President Gloria Brosius:
“TRIA’s reauthorization allows risk professionals to continue to be proactive, to take measures to mitigate risks before they manifest and allocate resources more effectively. And, while the unpredictability and catastrophic nature of terrorism will, unfortunately, remain a grave concern for global business leaders, RIMS welcomes this critical financial backstop and looks forward to working with United States Congressional leaders on future regulatory matters that impact our work.”
RIMS External Affairs Committee Chair John Burkholder:
“Positive news about terrorism is hard to come by, however, TRIA’s reauthorization is a major win for businesses with operations in the United States and the overall economy. TRIA will allow our businesses to recover from an act of terrorism faster, to get people back to work and demonstrate the true resiliency of our economy. I would like congratulate the RIMS members who contributed to this effort and the men and women in Congress who had the foresight to move this important bill forward.”