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Terrorism Risk Insurance Act set to expire in 2012, future uncertain

08/31/11

The federal government's Terrorism Risk Insurance Act, passed in 2002 in response to the terrorist attacks of September 11, 2001, was designed to compensate the victims of the attacks, including airplane passengers, workers in the Twin Towers and the Pentagon and emergency responders along with their respective families.

While the government's financial response was largely well-received, the discussion about who was eligible for benefits and to how much they were entitled was a painful and somber debate - one that is due to repeat itself when the act expires in 2012, according to Southern California Public Radio.


The source notes that the act has a slim chance of being renewed because of federal budget cuts, and weakness in the life insurance industry in the wake of the economic recession makes a partnership between private life insurance companies and the government unlikely.

While the future of the act remains uncertain, there is hope that recent upswings in the life insurance industry may drive private insurers to be more open to working with the government. Many Americans are pursuing less traditional forms of life insurance, for example, and annuities year-over-year sales increased more than 10 percent between the second quarters of 2010 and 2011, according to the Insurance Information Institute.

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