Following recent meetings with policy makers in Washington D.C., Lloyd’s Chairman Sax Riley issued a statement urging U.S. lawmakers to pass the stalled terrorist coverage bill.
“Lloyd’s was one of the first markets to respond to U.S. customers’ demand for specific terrorism coverage following September 11th,” Riley stated. “However, the limited capacity that Lloyd’s and other commercial insurers have available to write this business will not be sufficient in the near-term to satisfy the growing coverage gap in the United States economy.”
Julian James, Lloyd’s Director of Worldwide Markets also commented that, “The government indemnification program before Congress is of crucial benefit to the insurance buyers throughout the United States.”
Topics USA Catastrophe Natural Disasters Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
UK Payments Firm Moved Billions for Risky Clients Before FCA Seizure 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
