Political Quotes

“I wish to express my strong support for the reauthorization of the Terrorism Risk Insurance Program. This bill will ensure that communities and businesses will continue to have the insurance protection they need to quickly recover after major terrorist attacks. You see, the September 11, 2001 attacks resulted in approximately $32.5 billion in claims paid by insurers to terrorism risk insurance policyholders, which makes the deadly terrorist attack the second most costly insurance event in the history of the Nation. Due to the catastrophic damage, the record breaking insurance payout, and the threat of future attacks, the private insurance industry stopped offering terrorism risk insurance. The aftermath of the September 11, 2001 attacks sent a shockwave through the insurance industry and the lack of the availability of terrorism risk insurance contributed to the economic recession that followed the attacks. To address the issue, Congress established the Terrorism Risk Insurance Program in 2002. The program is federally backed so private insurers can continue to offer terrorism risk insurance. The Federal Government only pays out when damage from a terrorist attack exceeds $100 million. The program is also designed so the Federal Government recoups any funds that it pays out. I also want to note that the Federal Government has not paid out a single dollar since the creation of the program in 2002.…”