No matter how you look at it, any long-term solution to the problem of insuring against terrorism exposures will require a government reinsurance backstop of some kind, industry representatives warned federal lawmakers point blank last week.
"There is no one right way to do this," Liberty Mutual Group's chairman, president and chief executive officer, Edmund Kelly, told a joint hearing on "Protecting America from Catastrophic Terrorism Risk" before House Financial Services subcommittees.
A key issue at the hearing was the industry's inability to specifically provide coverage for nuclear, biological, chemical and radiological attacks.
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