October 16, 2019
Today John Doyle, President and CEO, Marsh, the world’s leading insurance broker and risk advisor, testified before the United States House Committee on Financial Services at a hearing entitled “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program.” Marsh is a business of Marsh & McLennan, the leading professional services firm in the areas of risk, strategy and people. Below are excerpts from Mr. Doyle’s remarks at the hearing:
“Uncertainty about the future of the federal backstop as the deadline looms will impact the availability and nature of insurance coverage. That, in turn, could affect companies’ decision-making processes about hiring and investing, potentially sending ripple effects through the economy.
“There is a strong possibility that if the federal backstop ceases to exist, we could see a domino effect of increased pricing across multiple insurance lines, not just terrorism, with a likely result of major marketplace disruption. This trend will intensify beginning in January 2020.
“TRIPRA’s public-private partnership is instrumental in maintaining a vibrant marketplace by allowing insurers to provide adequate limits of terrorism coverage to the business community at affordable prices. We strongly endorse a timely reauthorization of the program.”
A copy of Mr. Doyle’s testimony can be found here.
