Terrorism Risk Insurance Program Reauthorization Act of 2019

Floor Speech

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Mr. CLAY. Mr. Speaker, I thank Chairwoman Waters and Ranking Member McHenry for getting us to this day.

The Terrorism Risk Insurance Program before us this afternoon is one of the most important bills in the ongoing fight against terror.

TRIA helps to support the private market in providing coverage for terrorism risks by providing Federal reinsurance in the event of catastrophic losses from terrorism. The lack of public data on the scope and nature of terrorism risk makes it very difficult for private companies to model these risks, and as a result, a Federal backstop is important and necessary.

When businesses in my State of Missouri can purchase terrorism risk insurance, it provides confidence, promotes public safety, and undergirds the overall economy. TRIA also protects key healthcare and research facilities in St. Louis that not only work on lifesaving cures but also employ thousands of our constituents.

Overall, the TRIA program has been extremely successful in ensuring economic stability in the post-9/11 environment and has done so at virtually no cost to the taxpayer due to its cost-sharing structure.

In 2019, the threat of terrorism has not abated, and insurers still face challenges in underwriting risk with such a high potential loss. Without TRIA, many policyholders in Missouri and elsewhere would lose terrorism coverage; commercial lending would be significantly diminished; and the Federal Government would likely be called upon to provide assistance at great cost to taxpayers in the event of an attack.

Mr. Speaker, I urge my colleagues to vote for this critical piece of legislation.

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