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In a blow to the prospects for renewing the federal backstop for terrorism coverage that expires at the end of this year, the Congressional Budget Office (CBO) issued a report critical of the program in January. The CBO argues that the Terrorism Risk Insurance Act (TRIA) discourages businesses from making changes that would lessen losses in the case of another terrorist attack and makes it less likely that the insurance industry will come up with alternative methods of insuring against terrorism. Longer term, the backstop could hurt the economy “by delaying the private sector’s adjustment to a continuing risk of terrorism,” it says.
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