RIMS Lobbies for Terrorism Reinsurance (Business Insurance)

85% of RIMS members support reauthorization of program, which expires in 2014.

The Risk Management Society is lobbying for an extension in the federal government’s terrorism reinsurance program, according to Business Insurance. The program was originally enacted in 2002 and in 2007 it was extended until 2014. In a letter to the Federal Insurance Office, RIMS President Deborah Luthi says federally funded reinsurance is necessary because “the private sector alone is not able to sustain a competitive and healthy market for terrorism risk insurance.”

A survey of RIMs members found 85% support reauthorizing the federal terrorism reinsurance program.

 

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