New York–Three leading insurance company chief executives voiced some support yesterday for a state and federal backstop program for natural catastrophe insurance.
Speaking at the Joint Industry Forum in New York City, heads of Allstate, State Farm and Nationwide came out in varying degrees in favor of the proposal to provide federal and state backing for natural risk similar to what is provided for terrorism risk.
Allstate CEO Edward Liddy, whose company has been busily lobbying for such a program for the past several months, proved the most enthusiastic advocate for the proposal.
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