NEW YORK--(BUSINESS WIRE)--Jun. 18, 2019--
Earlier today, Tarique Nageer, Property Terrorism Placement and Advisory
Leader, Marsh, a Marsh & McLennan (NYSE:MMC) firm, testified before the
United States Senate Committee on Banking, Housing and Urban Affairs, on
the importance of the Terrorism Risk Insurance Program Reauthorization
Act (TRIPRA), which is scheduled to expire on December 31, 2020. Marsh
is the world's leading insurance broker and risk adviser.
"Terrorism remains an evolving, expanding, and ever-present risk in the
U.S., which underscores the importance of the Terrorism Risk Insurance
Program and its role in ensuring the continued stability and health of
the terrorism insurance markets," said Mr. Nageer. "We cannot afford to
be complacent with regards to the program's reauthorization."
"The breadth of clients purchasing terrorism insurance in the U.S. is
considerable and comprised of companies across every sector of the
economy, of all sizes, in big and small cities alike," said John Doyle,
President and CEO, Marsh. "These organizations depend on the program to
thrive and protect their workforce. We strongly support the
reauthorization of TRIPRA."
Marsh's recently released 2019
Terrorism Risk Insurance Report notes that education entities
were the most frequent buyers of terrorism insurance in 2018.
Hospitality, gaming, health care, life sciences, and nonprofits are in
the top ten sectors buying coverage.
The report also notes that should Congress allow TRIPRA to expire
without a replacement, it could create capacity shortfalls, especially
for businesses with significant workers' compensation accumulations.
"Uncertainty about TRIPRA's future is already prompting insurers and
terrorism insurance buyers to seek additional reinsurance limits and
coverages, on the assumption that there will be limited capacity
available in the private market," said Emil Metropoulos, Workers'
Compensation & Terrorism Center of Excellence Practice Leader, Guy
Carpenter, also a Marsh & McLennan firm.
Mr. Nageer added: "A seamless renewal process and robust reauthorization
bill can help keep the terrorism insurance market viable and competitive
for buyers and encourage decisions to be made with a full understanding
of shifts in the nature of terrorism and how they can affect
organizations and insurers."
A copy of Mr. Nageer's testimony can be found here.
About Marsh & McLennan Companies
& McLennan (NYSE: MMC) is the world's leading professional
services firm in the areas of risk, strategy and people. The company's
75,000 colleagues advise clients in over 130 countries. With annualized
revenue approaching $17 billion, Marsh & McLennan helps clients navigate
an increasingly dynamic and complex environment through four
market-leading firms. Marsh
advises individual and commercial clients of all sizes on insurance
broking and innovative risk management solutions. Guy
Carpenter develops advanced risk, reinsurance and capital strategies
that help clients grow profitably and pursue emerging opportunities. Mercer
delivers advice and technology-driven solutions that help organizations
meet the health, wealth and career needs of a changing workforce. Oliver
Wyman serves as a critical strategic, economic and brand advisor to
private sector and governmental clients. For more information, visit mmc.com,
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and Twitter @mmc_global
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Source: Marsh & McLennan Companies
Marsh & McLennan Companies