NEW YORK--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced its support for H.R. 4871, The TRIA Reform Act of 2014, a bill that would extend the terrorism insurance program for five years. The bill is sponsored by Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, and Rep. Randy Neugebauer, and is scheduled for consideration by the Committee on June 19, 2014.
“The terrorism insurance program protects the economy as a whole by providing a structure to rebuild in the wake of an event,” said Travelers Chairman and Chief Executive Officer Jay S. Fishman. “Extending the program will provide certainty for policyholders, facilitate important reforms that increase the private sector’s capacity for managing conventional risk, and maintain a robust public-private program for managing large scale events.”
On June 3, 2014, the Senate Committee on Banking, Housing, and Urban Development approved S. 2244, a bill that extends the program for seven years and enhances taxpayer protection.
Fishman added, “We will continue to work with members of the House, Senate and Administration to extend the terrorism insurance program before it expires at the end of this year.”
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $26 billion in 2013. For more information, visit www.travelers.com.