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Group life insurers recovering from 9/11 attacks, but still struggling to find reinsurance. (Employee Benefits Report).(Brief Article)
- Article from:
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National Underwriter Property & Casualty-Risk &Benefits Management
- Article date:
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April 15, 2002
- Author:
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Copyright informationCOPYRIGHT 2002 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Group life insurance executives will never really get over their horror at the Sept. 11, 2001, attacks.
The attacks killed more than 2,000 of their customers and generated more than $1 billion in claims.
But group life executives interviewed say their work lives are getting back to normal, except for a serious shortage of reinsurance.
Congress could help by protecting group life reinsurers against catastrophic terrorist attacks. So far, though, the private market has been slow to recover.
"I have not seen an easing up at all," says Tom McInteer, a vice president at the Guardian Life Insurance Company of America, New York. "Now, if coverage is obtainable, the ...