Business Services Industry
AIA deems terrorism backstop 'most urgent' concern for 2007; But federal support not needed to tackle natural cat risks.(American Insurance Association)(Brief article)
Business Insurance, December, 2006 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-Finding a long-term solution to the issue of terrorism insurance is the "most urgent'' matter on the American Insurance Assn.'s legislative agenda for the new Congress that convenes next month, AIA President Marc Racicot said during a news conference last week.
Mr. Racicot noted that the current federal backstop is slated to expire on Dec. 31, 2007. He added that the new Democratic chairmen of the committees that exercise jurisdiction "have placed that at the top of their agenda as well.'' Mr. Racicot repeated the property/casualty insurance industry's belief that terrorism risk-unlike other risks-cannot be quantified. In addition, private insurance markets don't have access to "top-secret information'' regarding the...
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