Industry chiefs renew call for US terror backstop
Senior reinsurance industry executives yesterday renewed their calls for a US federal backstop for te...
Senior reinsurance industry executives yesterday renewed their calls for a US federal backstop for terrorism cover.Speaking at the World Insurance Forum in Bermuda, Joe Brandon, chief executive of General Re, accused the US Congress of "abdicating its responsibility to society" by failing to agree a reinsurance scheme after the World Trade Centre attack.
Jacques Blondeau, chief executive of French reinsurer Scor, argued that terrorism was a new form of war. "These types of war risk are totally uninsurable," he said.
Commenting that all the US government was currently offering was "post-event" funding the chief executive of Bermudian reinsurer Ace, Brian Duperreault, insisted: "Commerce needs a certain amount of certainty and needs to know how the government will act. Isn't it better to work things out in a moment of calm that a moment of crisis?"
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Reinsurance
World Alzheimer's Day
Today is #WorldAlzheimersDay
— Insurance Charities (@InsCharities) September 21, 2020
If you're working in insurance and you or someone you love has been affected by dementia, you can access free support through our fantastic partnership with @InsuranceUAD https://t.co/sqiVvBqX7R#dementiasupport #insurance #insureanceindustry pic.twitter.com/usuIM7dPEK
Most read
- Dual pricing ban 'probably most radical shake-up of GI industry in years': FCA's Woolard
- Lloyd's CEO John Neal warns of 'ultimate sanction' if firms do not meet gender targets
- Direct Line Group completes Brolly buy
- Coverholders upbeat despite lawyer warnings after BI case
- Former Broadmoor psychiatrist faces investigation for role in Ecclesiastical abuse claims
- Q&A: Claims Apprentice 2020 winner Kelly Huddleston
- Briefing: The search for clarity continues after the BI ruling