Washington

Backing out of the terrorism reinsurance business would be a really bad idea for the financial security of private businesses and the health of the overall U.S. economy, property and casualty industry leaders warned in comments to the U.S. Treasury Department.

Indeed, reducing federal support for the Terrorism Risk Insurance Program in 2011 “would have a far-reaching effect on the availability and affordability of terrorism risk insurance,” the Insurance Information Institute concluded in a recent paper–echoing a sentiment voiced by numerous major players in the industry.

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