Terrorism insurance and regulatory modernization will dominate the political landscape for the property-casualty industry in 2007, according to its two leading trade associations.
The Washington, D.C.-based American Insurance Association in its annual forecast said, “It is critical that some form of public-private partnership be enacted to address chemical, nuclear, biological and radiological attacks.”
“The insurance market is not a free market,” the AIA points out. “In fact, it is a forced market with states mandating coverage of terrorism-related risks under both workers compensation and standard fire policy laws.”
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