In my humble opinion it is necessary for the insurance industry to work cooperatively with the President and Congress in viable long-term solutions to terrorism as well as catastrophic risk from natural catastrophes of \”biblical proportions.\” The stubborn refusal of certain sectors of the industry to engage in meaningful dialogue on these issues in order to protect short-term profits and protect a few players is jeopardizing taxpayers, policyholders, and ultimately the entire industry
SINCE IT IS VIRTUALLY IMPOSSIBLE TO GET ANY MEANINGFULL LEGISLATION PASSED UNDER THE CURRENT ADMINISTRATION,I WOULD THINK THAT COMBINING BOTH TERRORISM AND \”NATURAL\” EVENTS WITHIN ONE \”COVERAGE PACKAGE\” WOULD CONSTITUTE A NON-STARTER. I WOULD SUGGEST THAT SERIOUS CONSIDERATION BE GIVEN,PREFERABLY BY THE N A I C TOGETHER WITH OTHER PROFESSIONALS IN OUR BUSINESS,TO STUDYING THE SEVERAL RISK SHARING AND TRANSFER MECHANISMS THAT ARE SENSIBLE FOR BOTH SHORT AND LONG TERM EXPOSURES TO ACTS OF TERRORISM.ONE MIGHT CONSIDER THE TERMS OF THE RETROSPECTIVE PROGRAMS FOR OUR (PEACEFUL) NUCLEAR INDUSTRY.
In my humble opinion it is necessary for the insurance industry to work cooperatively with the President and Congress in viable long-term solutions to terrorism as well as catastrophic risk from natural catastrophes of \”biblical proportions.\” The stubborn refusal of certain sectors of the industry to engage in meaningful dialogue on these issues in order to protect short-term profits and protect a few players is jeopardizing taxpayers, policyholders, and ultimately the entire industry
SINCE IT IS VIRTUALLY IMPOSSIBLE TO GET ANY MEANINGFULL LEGISLATION PASSED UNDER THE CURRENT ADMINISTRATION,I WOULD THINK THAT COMBINING BOTH TERRORISM AND \”NATURAL\” EVENTS WITHIN ONE \”COVERAGE PACKAGE\” WOULD CONSTITUTE A NON-STARTER. I WOULD SUGGEST THAT SERIOUS CONSIDERATION BE GIVEN,PREFERABLY BY THE N A I C TOGETHER WITH OTHER PROFESSIONALS IN OUR BUSINESS,TO STUDYING THE SEVERAL RISK SHARING AND TRANSFER MECHANISMS THAT ARE SENSIBLE FOR BOTH SHORT AND LONG TERM EXPOSURES TO ACTS OF TERRORISM.ONE MIGHT CONSIDER THE TERMS OF THE RETROSPECTIVE PROGRAMS FOR OUR (PEACEFUL) NUCLEAR INDUSTRY.