NEW YORK--A Travelers executive speaking at a rating agency conference last week said his company's proposal to deal with insurance issues arising after natural catastrophes now embraces the concept of a federal reinsurance program.
Distinguishing the concept of reinsurance from proposals for a federal backstop, Eric Nelson, vice president of risk management for Travelers Personal Insurance and Small Business in Hartford, said under the Travelers concept insurers would pay the premium for reinsurance coverage of extreme catastrophic events.
The reinsurance feature is a departure from a plan outlined by Travelers Chief Executive Officer Jay Fishman in an Aug. 27, 2007 opinion piece published in the Wall Street Journal, which like the plan Mr. Nelson described last week, also includes a limited role for the federal government in regulating insurance rates and an emphasis on loss mitigation.
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