Monday, September 30, 2013
On September 25, 2013, the U.S. Senate Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing on “Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market." Wharton Risk Center’s Erwann Michel-Kerjan was one of the three witnesses to testify (along with Peter Beshar from Marsh & McLennan Companies, and Robert P. Hartwig from the Insurance Information Institute).
Erwann’s testimony noted that reauthorization for modifying TRIA could be accomplished without disrupting the market, and that allowing TRIA to expire would increase taxpayers’ financial exposure in the event of a terrorist attack.
Video of the hearing and written testimony can be found HERE.