Marsh President & CEO Advocates for a Timely Reauthorization of TRIPRA at US House Committee on Financial Services Hearing Today
Washington D.C. | 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.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.