Buyers Brace For Hard Pollution Market

As the insurance industry braces for the massive onslaught of claims brought on by the Sept. 11 terrorist attack that leveled New Yorks World Trade Center, players in the environmental insurance industry are gearing up for a tighter pollution liability market, industry sources say.

Small to mid-sized environmental insurers are feeling the biggest impact, according to Brian Donovan, president of Steel Tank Insurance Company, a captive in Burlington, Vt., pointing to the strong dependence of such carriers on the reinsurance market, which has seen dramatically rising rates.

While the environmental market had already been on a downswing in terms of capacity, according to Mr. Donovan, he said he believes the Sept. 11 disaster increased the pace of the decline.

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