Terrorism Insurance Gap Looms For USA
Thursday, July 14th, 2005 CatastropheA $100 billion insurance safety net that insures the losses of American workers and businesses that may be caused by a terror attack is set to expire at the end of the year despite growing concerns that no replacement system is in the works. Without a system in place, insurance analysts fear that an attack on the USA could badly disrupt the economy, displace thousands of workers, and bankrupt dozens of insurance companies if Congress does not renew or overhaul the Terrorism Risk Insurance Act of 2002, which temporarily makes the federal government cover most terrorism losses.
External References & Further Reading
http://www.usatoday.com/money/industries/insurance/2005-07-12-terror-insure-usat_x.htm
