Bust Liability Bubble, AIGs Greenberg Urges

While implementation of the federal terrorism reinsurance program might help restore some stability to the commercial market, a growing “liability bubble” remains a major threat to the industrys and the economys viability, warned Maurice Greenberg, the head of American International Group.

“We fought hard to get a federal backstop in place on terrorism losses, but now we have to fight just as hard to get tort reforms in place,” said Mr. Greenberg, chairman and chief executive officer of AIG in New York.

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