Business Services Industry
Editorial: Consider true backstop cost.(Brief Article)
Business Insurance, August, 2002
First impressions can be deceiving, as a recently released study on the costs of competing terrorism insurance bills indicates. As we report on page 2, the American Insurance Assn. commissioned Tillinghast-Towers Perrin to estimate the costs to the federal government of two terrorism insurance bills.
The bill passed by the House would allow the government to lend money to insurers to cover future terrorism-related losses, and insurers would have to pay back the money. The Senate bill would allow the federal government to share costs, with no payback provisions. At first glance, a payback program would appear less expensive than a cost-share program. But the Tillinghast study found that just the opposite seemed likely. Because the House plan would kick in at a...
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