Speaking on the six-month anniversary of the Sept. 11 terrorist attacks Monday, the Alliance of American Insurers’ president called for renewed congressional focus on stabilizing the economy by passing terrorism insurance legislation.
“On Sept. 11, the terrorists not only intended to attack the American people, but they also intended to undermine the strength of our country’s economic foundations,” Alliance President Rodger S. Lawson, commented. “While the insurance industry is fulfilling its role in helping people and businesses return to some semblance of normalcy following this national tragedy, the attacks robbed American businesses of their future financial stability and have brought clearly into focus the vital role that the insurance sector plays in our country.
“Since Sept. 11, the availability of reinsurance has been severely impacted. The current lack of sufficient reinsurance coverage not only affects the financial stability of insurers, it also exposes American businesses to unpredictable risks that could jeopardize their solvency should another attack occur. This uncertainty is truly an issue of national scale and importance that can only be solved by the insurer of last resort, the United States government.
“While the House has acted on a federal terrorism insurance backstop program, the Senate needs to move quickly to enact terrorism insurance to protect and promote jobs by stabilizing the economy,” Lawson added.
Topics Catastrophe Natural Disasters
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