WASHINGTON–The Council of Insurance Agents and Brokers has written federal officials examining the terrorism insurance marketplace that any long-term solution to the problem of underwriting terrorism risk must involve the U.S. government.
In a letter to the Treasury Department, the CIAB agued that, given the uncertain nature of terrorism in the United States and the lack of adequate modeling, insurers are incapable of determining accurate rates for coverage and will ultimately need some form of federal assistance.
The Treasury Department is examining the terrorism risk in an effort to evaluate the potential actions that may need to be taken when the Terrorism Risk Insurance Act expires at the end of 2007.
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