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While insurers have made some gains in learning to model and price terrorism risks, underwriting extreme attacks remains problematic, according to a controversial report released last week by the President’s Working Group on Financial Markets–which failed to endorse extension of the government’s terrorism reinsurance program beyond next year.

The findings had been expected by the industry, although the report “is not as harsh or ideological as we thought it might be,” said Joel Wood, senior vice president of government affairs at the Council of Insurance Agents and Brokers.

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