Ace Ltd chief executive officer Evan Greenberg has described the US Congress as “irresponsible” for adjourning without renewing a US Government programme to backstop terrorism insurance losses.

TRIA (the Terrorism Risk Insurance Act) is due to expire on December 31, after the US Senate failed to pass legislation to extend it for six years.

Mr Greenberg said: “Congressional failure to approve the renewal of TRIA legislation is deeply disappointing. It was simply irresponsible for our elected officials to adjourn without reauthorising TRIA.

“By letting TRIA lapse, they have exposed our economy and our society to the threat of severe economic uncertainty in the event of a significant act of terrorism. I sincerely hope this is the first order of business for the new Congress.”

Brought in after the 9/11 terrorist attacks, when terrorism insurance became scarce and expensive, TRIA obliges insurers to offer terrorism insurance and includes a commitment by the US Government to reimburse insurers after industry-wide losses top $100 million.