Terrorism Insurance Remains Elusive
Thursday, September 12th, 2002 CatastropheTerrorism coverage remains limited to large commercial property holders, one year after the Sept. 11 attacks, according to an article in the Washington Post. American International Group (AIG) CEO Maurice Greenberg said that the lack of availability is a problem that needs federal intervention. Greenberg spoke recently at a terrorism discussion at the Center for Strategic and International Studies in Washington. Congress has still been unable to reach a decision on a proposed federal backstop program that would provide financial support in the event of other terrorist attacks. Little progress occurred over the August recess in settling fundamental differences between the house and the Senate committees on the issue. The Senate bill proposes the availability of billions of dollars for insurers to pay claims with. The House bill provides funds, yet requires insurers and policyholders to repay them.
