WASHINGTON–Insurance buyers and sellers told a joint congressional hearing yesterday that terrorism insurance coverage will be virtually unavailable without the help of a government backstop.
While the members of the House Financial Services Subcommittee on Oversight and the House Homeland Security Subcommittee on Intelligence, Information Sharing and Terrorism Risk Assessment were in agreement that the federal backstop has played an important role, there was some difference of opinion as to whether the private market can, or even should, establish its own system for covering terrorism risk.
Rep. Steve Israel, D-N.Y., took note of the urgency of the matter under discussion, saying “the clock is ticking.”
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