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?"
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