One of things the insurance industry hates most is uncertainty. We invest heavily in attempting to reduce uncertainty and replace it with predictability. The ability to accurately assess and predict risk with reasonable certainty is key to success in the insurance business.
Imagine the shock whenever attempts are made to predict what Congress will do. Natural disasters may be easier to predict. Congress often seems to specialize in creating uncertainty, especially regarding insurance issues. We've seen an example of this in the past year.
Earlier this year, most observers would have predicted that the Terrorism Risk Insurance Act (TRIA) would be renewed without difficulty long before its Dec. 31 expiration. Unfortunately, this hasn't happened.
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