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Noting that the lack of capacity for catastrophe risk resembles the market for terrorism coverage after the Sept. 11 attacks, House Financial Services Committee Chairman Barney Frank, D-Mass., expressed support for a national disaster insurance system.

“It is clear that the government has to step in,” Rep. Frank said at a press conference on Capitol Hill. Although the private market is the preferred option for lawmakers, he said the circumstances of the market for catastrophe coverage had led to a “market failure” in which private insurers simply cannot afford the exposure.

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