President’s Message on Terrorism Insurance on Target; AAI Urges Senate to Act

April 10, 2002

President Bush’s strong stance on the need for federal terrorism insurance legislation April 8 has won the praise of the Alliance of American Insurers.

The President told a White House audience, that included business and labor leaders, that it would be hard for the economy to recover again if another terrorist attack would take place without a terrorism insurance plan in place.

“The President painted a very clear picture of the impact that a lack of terrorism insurance is having on our economy,” Alliance President Rodger Lawson commented.

“When you have business leaders and labor leaders joining ranks with the President in declaring this an issue vital to our nation, then it’s time for the Senate to come together and take swift action to resolve the problem. As we heard, jobs are at stake, new developments are on hold and businesses are at risk. Without terrorism insurance, the economy is in jeopardy.

“Insurance is the glue that holds the American economy together. But terrorism is an uninsurable act—one that only the government can ultimately be responsible for as the insurer of last resort,” Lawson added.

As of Monday, both Democratic and Republican leaders in the Senate were unable to agree on how best to push action through on the issue.

Topics Catastrophe Natural Disasters Politics

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