Insurers Need To AttackCredibility Problem Next

Once all the activity surrounding terrorism reinsurance legislation subsides, the insurance industry might do well to focus on another issue; namely, whether it has a credibility problem both on Capitol Hill and with the Bush administration.

The consensus proposal developed by the insurance industry to create a private mutual reinsurance pool backed by the U.S. Treasury as the “reinsurer of last resort” was dismissed out-of-hand, and on a bipartisan basis, both at the Treasury Department and by the relevant Congressional committees.

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