There is no crisis in the insurance market that requires Congress to immediately enact legislation creating a federal terrorism reinsurance backstop, the Consumer Federation of America said today.
"The problems we see in the market are far less than anyone anticipated, including me," said J. Robert Hunter, director of insurance for the Washington-based CFA, at a press briefing.
Moreover, he said, the most remarkable finding of a recent market survey done by CFA is that the insurance industry is more strongly capitalized now than it was before Sept. 11. "This is surely a victory of capitalism over terrorism," Mr. Hunter said.
