Thursday, October 4th, 2001 — "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.