Terrorism Reinsurance Pool Consensus Sought
Thursday, October 4th, 2001 Catastrophe Property"Unity" is the key word among industry representatives this week, as association after association vowed not to let any philosophical differences get in the way of a joint industry effort to create a federally-backed reinsurance facility for terrorism risks. "This industry has to come together," said Pam Allen, vice president of federal affairs for the Indianapolis-based National Association of Mutual Insurance Companies. "If we don't, we are doing a disservice to our policyholders." "At no point in my 13-year lobbying career have I seen a greater need for the industry to speak with one voice," added Joel Wood, senior vice president of government affairs for the Washington-based Council of Insurance Agents and Brokers. There has been an "absolute crackup" in the marketplace for terrorism reinsurance, he added.
