A top broker for airline coverage said renewal of a terrorism risk insurance program for the airline industry is important--not only because there are few reasonable alternatives to the government program, but also because it is good business.
"Despite an influx of new money into the aviation insurance market, terrorism risk insurance for U.S. domestic carriers is effectively unavailable," said Wayne Wignes, president of the Aon Aviation Group, based in Chicago.
One of the reasons the aviation market has drawn new money is because of the government's War Risk Insurance program, he said. "The program has made a terrific impact in attracting capital to the rest of the exposure," Mr. Wignes said.
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