Here we are, five years after hijackers took down the World Trade Center, and our country still hasn't committed to any long-term strategy for making sure the economy in general--and the insurance industry in particular--can handle terrorism exposures.
The clock is ticking, with the Terrorism Risk Insurance Extension Act due to expire next year. Critics keep ignorantly dismissing TRIA's federal security blanket as a bailout, forcing the industry to depend on the likes of Sen. Hillary Clinton, D-N.Y., for support.
However, at least with terrorism, we have a temporary system in place. Not so with natural disasters. Just over a year after Hurricane Katrina, we are not even close to a consensus on how to respond from an insurance standpoint.
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