U.S. and Insurers Can Withstand Hurricanes Without Taxpayer Funds, Says Lloyd’s U.S.
Friday, June 2nd, 2006 Catastrophe PropertyA leading insurer is warning residents of the Northeast coast to ignore the hurricane threat at their own peril. At the same time, Wendy Baker, president of Lloyd’s America, says she is confident that the global insurance market is equipped to respond to natural disasters. But unlike other insurers calling for a taxpayer-funded bailout pool for natural catastrophes, Baker said Lloyd’s believes the vast majority of natural perils are insurable, provided private industry factors in the threat of global warming and the growing cost of weather-related catastrophes.
External References & Further Reading
http://www.insurancejournal.com/news/national/2006/06/01/69028.htm
