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WASHINGTONThe Council of Insurance Agents & Brokers has released an analysis of catastrophic risk insurance proposals that might be considered during the current session of Congress, including the current terrorism insurance backstop.
The document released Wednesday, "An Analysis of Catastrophic Risk Insurance Proposals," examines three plans to increase insurance availability and affordability in natural catastrophe-prone areas as well as the Terrorism Risk Insurance Extension Act.
The Washington-based CIAB's analysis presents arguments for and against each approach as well as its legislative outlook.
"There is no doubt that the strengths and weaknesses of each of these policy options will be the subject of ongoing debate in the coming months," according to the analysis. "However, what is abundantly clear is that federal intervention in catastrophic risk and terrorism insurance programs is urgently needed to adequately protect the country against the projected heightened risk of future catastrophes."
Washington-based Georgetown Economic Services L.L.C. prepared the analysis for the CIAB's Foundation for Agency Management Excellence.