Insurers speak out on terrorism
WASHINGTON, DC – It is unlikely that private insurers will ever be able to assess and price terrorism risk insurance, according to insurance experts who testified before the US Congress at the end of July.
Appearing before a joint hearing of the Financial Services Committee and the Homeland Security Committee, regarding Terrorism threats and the insurance market, the industry executives said a private market solution to terrorism coverage is not feasible because acts of terrorism are too difficult to predict.
"The foundation of private insurance rests on the ability to effectively pool the loss experience of policyholders exposed to relatively homogeneous, random and independent risks where the
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