Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.