New York–Three leading insurance company chief executives voicedsome support yesterday for a state and federal backstop program fornatural catastrophe insurance.
Speaking at the Joint Industry Forum in New York City, heads ofAllstate, State Farm and Nationwide came out in varying degrees infavor of the proposal to provide federal and state backing fornatural risk similar to what is provided for terrorism risk.
Allstate CEO Edward Liddy, whose company has been busilylobbying for such a program for the past several months, proved themost enthusiastic advocate for the proposal.
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