Marsh President & CEO Advocates for a Timely Reauthorization of Tripra at U.S. House Committee on Financial Services Hearing Today
Oct 16, 2019
WASHINGTON D.C., October 16, 2019 — Today John Doyle, President and CEO, Marsh, the world’s leading insurance broker and risk advisor, testified before the United States House Committee on Financial Services at a hearing entitled “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program.” Marsh is a business of Marsh & McLennan, the leading professional services firm in the areas of risk, strategy and people. Below are excerpts from Mr. Doyle’s remarks at the hearing:
“Uncertainty about the future of the federal backstop as the deadline looms will impact the availability and nature of insurance coverage. That, in turn, could affect companies’ decisionmaking processes about hiring and investing, potentially sending ripple effects through the economy.
“There is a strong possibility that if the federal backstop ceases to exist, we could see a domino effect of increased pricing across multiple insurance lines, not just terrorism, with a likely result of major marketplace disruption. This trend will intensify beginning in January 2020.
“TRIPRA’s public-private partnership is instrumental in maintaining a vibrant marketplace by allowing insurers to provide adequate limits of terrorism coverage to the business community at affordable prices. We strongly endorse a timely reauthorization of the program.” A copy of Mr. Doyle’s testimony can be found here. Marsh’s 2019 Terrorism Risk Insurance Report can be found here.
About Marsh & McLennan Companies
Marsh & McLennan(NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 76,000 colleagues advise clients in over 130 countries. With annualized revenue approaching $17 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market leading businesses. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit mmc.com, follow us on LinkedIn and Twitter @mmc_global or subscribe to BRINK.
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