Consultation of Congress on the fight against terrorism and insurance
Two sub-committees U.S. House - The Committee on Financial Services, the sub-commission of inquiry and laxity and the Homeland Security subcommittee for intelligence, information-sharing, terrorism and evaluation risks - a hearing late last month to examine the course of the issuance of the economy in the USA insurance against terrorist attacks.
The consultation was the first joint investigation into the matter by the two subcommittees of Congress. The panel Homeland Security Committee Chairman Peter König, RN.Y., monitoring and studies chair subcommittee Sue Kelly, RN.Y. and intelligence, information sharing and terrorism subcommittee Risk Assessment Chair Rob Simmons, R-Conn. His goal was again with the problem of terrorism risk insurance, focusing in particular on the challenges facing the insurance sector with regard to their ability to assess such claims.
The hearing, “terrorist threats and the insurance market,” testimony of different industry groups, including agents, brokers, risk managers and insurers.
The Independent Insurance Brokers and America have evidence to support a long-term solution for terrorism insurance after the expiration of the Terrorism Risk Insurance Act Extension (TRIEA), December 31, 2007.
The IIABA fear that consumers are sunsets and exclusionary clauses in the policy TRIEA expires approach in the long term without a solution that does not solve the problem. The results IIABA stressed that only a limited number of private sector terrorism reinsurance available and the unique nature and unpredictable terrorist attacks, it is difficult for the insurer to calculate the risks.
“The problem of terrorism is the insurance risk too many variables to evaluate, with the precision required for a private owner,” said Charles E. Symington Jr., IIABA Senior Vice President Government Affairs, and Federal Relations. ” It is virtually impossible to determine when and where an attack might occur or, as it is serious in terms of their impact, and continue these facts make it extremely difficult for insurance markets for adequate coverage for such an event ” .
Terry Fleming of risk assessment and Insurance Management-Gesellschaft Inc. provided testimony on behalf of rims and said that the potential inability to manage risk from terrorism to purchase insurance for cases where TRIEA is allowed until sunset at the end of next year is particularly critical.
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