In response to no Congressional action being taken on federal terrorism reinsurance legislation died in 2001, Ken Crerar, president of The Council of Insurance Agents + Brokers, stated that the move was a disappointment to the insurance industry. Last week, Crear issued the following statement:
“Congressional failure to pass a federal terrorism backstop this year is a disappointment to the entire industry, and for thousands of clients and the brokers who represent them.
“Now, we urge insurance companies to move through the current critical renewal period with caution. A disciplined approach to pricing along with sound underwriting standards for terms and conditions is critical. The long-term quality of our collective relationship with the industry’s customers is at stake.
Significant premium increases in the current renewal season could hurt the underlying solvency of commercial enterprises throughout the nation and world. We urge restraint on the part of members of the industry as we continue to push for an appropriate and responsible federal response.”
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