Zurich North America Will Not Invoke ‘Act of War‘ Exclusions
Tuesday, September 25th, 2001 PropertyThe White House notes that insurance executives did not request at a meeting with President George Bush last Friday that public funds be used to pay for claims resulting from future terrorist attacks, according to spokesman Ari Fleischer. According to a report from AFX, following the Sept. 21 meeting with several top insurance executives, AIG chief executive officer Hank Greenberg said the insurance industry was searching for new legislation to set up a government-sponsored insurance fund for claims as they relate to terrorist attacks. Greenberg said there is no question that with future strikes the insurance industry needs to have a government facility very much like the British have set up. Greenberg noted the British have what is known as a "pool re," whereby the insurance industry picks up the first loss of a certain amount and the rest is reinsured into the reinsurance facility.
