Group life insurers recovering from 9/11 attacks, but still struggling to find reinsurance. (Employee Benefits Report).(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, April, 2002 by Bell, Allison

Group life insurance executives will never really get over their horror at the Sept. 11, 2001, attacks. The attacks killed more than 2,000 of their customers and generated more than $1 billion in claims. But group life executives interviewed say their work lives are getting back to normal, except for a serious shortage of reinsurance.

Congress could help by protecting group life reinsurers against catastrophic terrorist attacks. So far, though, the private market has been slow to recover. "I have not seen an easing up at all," says Tom McInteer, a vice president at the Guardian Life Insurance Company of America, New York. "Now, if coverage is obtainable, the premiums have risen on average by a factor of 20, and the policy provisions are no longer...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.