The insurance business absolutely needs federal support for terrorism insurance, but it does not need a national catastrophe fund, three insurance executives advised an industry conference.
Instead of a CAT fund, they said the solution to potential insurance availability problems for buyers increasingly populating storm-exposed coastal areas is state regulators' approval of higher rate levels.
That counsel came from Edmund Kelly, chief executive officer of Boston-based Liberty Mutual; Stephen Lilienthal, CEO of CNA; and Mike McGavick, the former CEO of Seattle-based Safeco, speaking Thursday at the 17th Annual Property-Casualty Industry Conference in New York.
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