Terrorism Cover Up In Air While Congress Battles Over Backstop
With no federal terrorism backstop officially in place, terrorism coverage continues to be offered by very few companies at very high prices. That's not likely to change come renewal time unless Congress actually passes legislation to reinsure and reassure jittery carriers, industry leaders say.
Swiss Reinsurance, for one, has been excluding terrorism from its regular treaties. "We are writing a small amount of terrorism coverage on a sublimited basis, but it is modest in size, and it is, relatively speaking,expensive," said Jacques Dubois, chairman, president and chief executive officer of Swiss Re America in New York.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.