Allowing the expiration of the federal backstop created by the Terrorism Risk Insurance Act would hurt taxpayers and drastically reduce the availability of coverage, writes John Phelps of the Risk and Insurance Management Society. Phelps cites an Aon study concluding that terrorism-risk coverage would no longer be provided by as much as 80% of market players if TRIA were not renewed. "In short, TRIA brings a degree of stability and certainty to a segment of the insurance market that desperately needs it," he writes.

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