WASHINGTON–Lawmakers are asking a federal group studying the terrorism insurance marketplace to consider the lack of a reinsurance market for terrorism coverage and other obstacles preventing carriers from assuming terrorism risk.
The call from seven House Republicans came in a letter to the Treasury Department, which leads the President's Working Group on Financial Markets, which is preparing a report for Congress.
They asked for an analysis of five main factors. Besides the reinsurance market they called for a look at the difficulty evaluating terrorism risk; nuclear, chemical, biological and radiological risk issues; the efforts being made to increase the take-up rate for coverage and decrease the government's exposure; and impediments to a free market response.
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