Business Services Industry
Public cat program unnecessary: AIA.(News)(American Insurance Association)
Business Insurance, August, 2006 by Geisel, Jerry
Byline: JERRY GEISEL While the insurance market is "under stress'' in several Atlantic and Gulf Coast states, a new public insurance program is unnecessary, an insurance industry trade association says. In a new report issued a year after Hurricane Katrina, the American Insurance Assn. says the private insurance market has sufficient capacity to handle natural catastrophes.
"Despite last year's record-breaking losses, private sector capacity for dealing with natural disasters has grown and is adequate to spread and manage this risk,'' the Washington-based AIA said in the report, "Natural Catastrophe Agenda-to Reduce Loss and Promote Stability.'' While reinsurance prices have climbed, "there is no capacity crunch, and even the leading proponents of cat...
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