Insurance groups back alternative to terrorism backstop

08/8/2010 | Business Insurance (tiered subscription model)

Insurance trade associations are calling on lawmakers to set up an alternative terrorism insurance backstop in the event that the current program is allowed to expire, saying that the private insurance sector would be unable to provide coverage from the risks of terrorist attacks. "There simply isn't enough capital available in the property/casualty insurance industry to maintain a viable terrorism insurance market without continuing the government backstop," said PCI's David Golden.

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