Washington–The London bombings last week underscore the fact that the terrorism risk remains and insurers in the U.S. need a federal backstop, officials at two insurance industry trade groups said today .
"The London bombings underscores that terrorism defies predictability and is an uninsurable risk that calls for government involvement," said David A. Winston, National Association of Mutual Insurance Companies (NAMIC) federal affairs senior vice president.
His comments and those of Dennis Kelly, a staff official at the American Insurance Association came amid testimony by Bush administration officials today and Thursday before a congressional committee on the recent report issued by the Treasury Department assessing the effectiveness of the Terrorism Risk Insurance Act, which expires Dec. 31.
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