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Terrorism Bill’s Passage Brings Relief, But Also Concerns

It is with a sigh of relief that we congratulate Congress for reaching an agreement on establishing a federal reinsurance backstop for terrorism-related losses. We feel relief because in an increasingly dangerous world, there is every reason to believe the insurance markets cannot withstand another Sept. 11-like loss. Without the assistance of the government, insurers will not be able to broadly manage a risk as unpredictable as terrorism.

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