The private insurance market, lacking U.S. government involvement, cannot provide sufficient capacity to meet increasing demand for terrorism insurance, according to a report by a global insurance broker.
The study by New York-based Marsh, a subsidiary of Marsh & McLennan Companies, found that nearly 60 percent of its risk management and middle-market clients obtained terrorism property insurance during 2005.
Titled “Marketwatch: Terrorism Insurance 2006,” the report said the numbers are a dramatic increase from the 2003 average of 27 percent and up 50 percent from 2004.
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