Federal Terrorism Backstop Important to NAMIC Members
Monday, February 11th, 2002 CatastropheNearly 100 percent of National Association of Mutual Insurance Companies (NAMIC) members questioned believe that Congress should pass federal backstop legislation for terrorism insurance, according to a survey of a group of member company CEOs who were considering terrorism reinsurance issues. An overwhelming 97.7 percent of the NAMIC member company CEOs surveyed rated the importance of Congress passing federal backstop legislation as a five or greater on a scale of 1 to 10, with 10 being the greatest importance, according to the report, "Terrorism Exposure and Coverage: Survey to Member Company CEOs," released Feb. 6. "The results of this survey clearly demonstrate that companies remain extremely concerned about the threat of terrorism and its impact on the insurance marketplace," said Jennifer C. Gibson, NAMIC‘s director-federal affairs.
