Daschle Cites TerrorismReinsurance As Priority
Washington
Insurance industry representatives are praising Senate Majority Leader Tom Daschle, D-S.D., for identifying terrorism reinsurance as one of his legislative priorities for this year.
“Sen. Daschles statement is a crucial development, insofar as it recognizes that there has been significant displacement in the insurance marketplace,” said Ken Crerar, president of the Washington-based Council of Insurance Agents and Brokers. “Given the Majority Leaders statement, we now believe that the successful conclusion of this debate can be reached in the next two months.”
Mr. Crerar was reacting to comments from Sen. Daschle quoted by Congress Daily AM in which he identified terrorism reinsurance, which the Senate failed to approve last year, as a priority.
Sen. Daschle was quoted as saying, “Efforts to solve this complex problem last year were impeded by some who sought to use this issue to push through other extraneous issues. This year, we need to work together to assess the real needs of the marketplace and provide real solutions–the sooner, the better.”
Mr. Crerar said that the Councils own surveys demonstrate that the risk of terrorism has been transferred from reinsurers to primary insurers, and now much of that has been moved from insurers to major consumers. “This alone justifies a temporary federal backstop to restore normalcy,” he said.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 28, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
