Industry Must Unite OnTerrorism Risk Pool
While we generally oppose government involvement in the business of insurance, we believe the insurance industry can make a very strong case that for terrorism risks, government intervention is vital.
The economic toll from the Sept. 11 attacks, which could run $40 billion or higher, leaves the insurance industry in an economically vulnerable position. While there is general agreement that the industry has sufficient capital to withstand this economic hit, widespread concerns exist over the impact on industry solvency if another event, such as a major hurricane or a second terrorist attack, occurs.
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