Snow urges ending of terrorism insurance act

WASHINGTON – US Treasury Secretary John Snow says the Terrorism Risk Insurance Act (TRIA) should not be renewed because the private insurance sector is stable enough to meet the costs of unexpected losses from acts of terrorism.

Snow said, after the Treasury Department released a report assessing the effectiveness of the programme, that TRIA had achieved its goals of supporting the industry during a transitional period and stabilising the private insurance market.

"It is our view that continuation of the programme in its current form is likely to hinder the further development of the insurance market by crowding out innovation and capacity building," Snow said in his letter to Michael Oxley, chairman of the