R.J. Lehmann, the editor-in-chief and a senior fellow with th RStreet Institute, a conservative think tank in Washington, DC,writes in Thursday's edition of The Hill, that the Terrorism RiskInsurance Program not only needs to be renewed this session, itneeds to be reformed as well.
|The problem? The program as it stands is simply too big.
|"As the reauthorization debate plays out once again – a fightthat unites conservative budget hawks with those on the leftconcerned with corporate cronyism, just as it unites both Democratsand Republicans from big city districts with the insurance andcommercial real industries – we believe a responsible middle groundcan be found to extend the program with reforms that further shrinkits size and scope," Lehmann writes.
|"The global insurance and reinsurance industries have changeddramatically in the past decade, and the federal terrorisminsurance program should be updated to reflect those changes. Facedwith record levels of capital, the reinsurance industry has beenclamoring for the opportunity to take on more catastrophe business,including coverage for terrorism."
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