IRMI Update—Issue #128
An E-mail Newsletter for Risk and
Insurance Professionals
ISSN: 1530-7948
January 11, 2006
In This Issue
Colleague,
The 2-year extension of TRIA hurriedly passed and signed into
law last month gives insurance buyers and sellers a temporary reprieve
from the challenges of handling terrorism exposures without a federal
backstop. The effort exerted by the risk management community and
their insurers in making this happen was impressive. Frankly, considering
Treasury's negativism toward TRIA last summer, I didn't expect them
to succeed.
Nevertheless, the lack of leadership in the industry in developing
a creative long-term solution to the problem of insuring terrorism
risks has been disappointing. Congress intends for TRIA to be temporary,
and counting on another extension 2 years from now would be foolish.
The risk management community and insurers need to rise to the occasion,
develop some consensus of what should be done, and work toward implementing
a solution to the problem. To succeed this process must begin now,
not 6 months prior to the next expiration of TRIA, and I fear this
won't happen.
What are your thoughts about solving the terrorism insurance
dilemma? Does your crystal ball foretell the industry coming together
to develop an innovative solution? If so, who will lead this effort,
and what will the solution look like? If not, what will be the state
of terrorism insurance come January 2008? [See
reader
responses.]
On another note, IRMI.com has once again been honored by
Business Insurance magazine
in its annual Best of the Web review as one of the top sites on
the Internet for risk management information. The editors of BI
are not alone in this conclusion as risk professionals from around
the world visited IRMI.com nearly 1.4 million times last year. We
are flattered by this recognition, and want to thank our many expert
commentators who have so unselfishly shared their knowledge with
you. We couldn't do it without them. For a list of all the IRMI.com
expert commentators, past and present, see our
Expert Commentator section.
Lastly, thank you for subscribing to IRMI Update. Please forward
this IRMI Update to your business associates with your recommendation
to subscribe by going
here.
Thanks again and best wishes for a happy, healthy, and prosperous
New Year.
Jack
Jack P. Gibson, CPCU, CRIS, ARM
President
IRMI
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