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Wednesday September 15, 09:57
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TRIA fails, economy suffers
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(by Geck Finn)
Tuesday report showed if attempt to extend the U.S. Terrorism Risk Insurance Act do not succeed U.S. economy will face jeopardy.
The report, made by the U.S. Analysis Group Inc., reveals that TRIA shouldn’t be expired by December 31, 2005 as the U.S. GDP can decrease by $53 billion in three years. The Act is suggested to be extended at least for two years.
TRIA failure will definitely lead to 326,000 jobs-cut, report added. “Absent TRIA, increased terrorism insurance premiums raise the cost of doing business, creating a drag on the economy,” it says.
The private sector of the economy will never be prepared to bear the entire cost of terrorism risk, says R. Glenn Hubbard, a former chairman of President Bush’s Council of Economic Advisers.
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