Lloyd’s Riley Urges Passage of Terrorist Insurance Bill

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.”