The insurance industry acknowledged in congressional testimony yesterday that a lesser role for the federal government in terrorism risk insurance going forward is inevitable.
In the words of Warren Heck, chairman and CEO of the Greater New York Mutual Insurance Company, insurers strongly endorse extension of the Terrorism Risk Insurance Act reinsurance backstop measure "with modifications designed to maximize the development of a private market and to provide a viable long-term system to protect the economic strength of the country against terrorist attacks."
He was one of 12 speakers who testified at a marathon hearing on the issue before the Capital Markets Subcommittee of the House Financial Services Committee.
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