N.Y. Challenges Insurers On Terrorism
Primary insurers need to be more aggressive and exert some of their market muscle to push reinsurers to provide reasonable coverage for terrorism-related exposures, New York's insurance superintendent declared here this week.
Greg Serio, whose insurance department has refused to grant domestic carriers an automatic right to exclude terrorism from their policies in New York, said that reinsurers leaving their primary clients bare on terrorism are “starting to test the patience of the regulatory community.”
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