Washington–Insurance industry representatives told Congress yesterday their resources can handle Hurricane Katrina losses, but they need government involvement in catastrophe insurance so future natural disasters do not overwhelm them.
The call for a public/private partnership designed to create adequate reserves for a costly storm was made yesterday at an informal meeting of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
In the wake of Hurricane Katrina, members of the committee sought the briefing to determine how the industry is dealing with the aftermath of Katrina's multibillion-dollar rampage through the Gulf Coast states.
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