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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.

We still prefer market-based solutions to industry issues, but we acknowledge that there are some problems that only the government can properly address–and terrorism insurance is one of them. However, we also remain reserved in our enthusiasm for the compromise terrorism bill for a number of reasons.

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