Insurers Unveil 'Market-Based' Proposals to Boost Private Terrorism Insurance
National News • July 27, 2005
Property casualty insurers have outlined what they term a "market-based" approach to providing terrorism risk insurance.
The proposals include repeal of some state laws on fire policies and ...
Insurance Journal is not responsible for the content of the message below.
Subject: Terrorism insurance
Posted On: July 28, 2005, 5:39 pm CDT
Posted By: Brummiejim
Comment:
Funny, when Insurance Journal runs an article about Elliot Spitzer and/or AIG, and there are a million comments posted. I. J. runs an article about PCI's "vision" of how Terrorism Insurance can be provided by private industry, in conjunction with some Federal Government assistance, and nobody's taking notice. If the insurance industry can really deal with insuring Terrorism, why not remove the War exclusions in all policies and really hit a home run? To the extent Terrorism was a throw in on many policies, I believe it was sheer ignorance (and lack of an identifiable exposure). Terrorism can now happen early and often, with repeated multi-billion dollar hits. Read the news. I feel it's not insurable, and there is no correct or appropriate "price" for this product. Why is the industry afraid to deliver THAT message to Congress? That's my (insurance guy)opinion. Anybody out there listening?? Jim
Subject: Terrorism insurance