New GAO Study: U.S. Needs Government Help To Insure For Catastrophes And Terror
Thursday, March 31st, 2005 Catastrophe PropertyA new U.S. government report concludes that the private U.S. insurance industry would be placed under enormous strain without government intervention if there were a major catastrophic event or series of events. The report from the General Accountability Office found that although the private insurance industry was able to withstand the 2004 hurricane season, its capacity has not been tested by a major catastrophe, one with only a 1 to 4 percent chance of occurring.
External References & Further Reading
http://www.insurancejournal.com/news/national/2005/03/31/53174.htm
