1、1 For additional information on the impact of September 11 on the marketplace, see CRS Report(continued.)Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21106Updated June 12, 2002Terrorism Insurance - The 2002 MarketplaceS. Roy Wo
2、odall, Jr.Insurance ConsultantGovernment and Finance DivisionSummaryThe terrorist attacks of September 11 resulted in the largest insured catastrophicloss in history, estimated to total as much as $70 billion. Even though the insuranceindustry committed to pay losses resulting from the attacks, indu
3、stry spokesmen assertedthat in view of the impending unavailability of terrorism reinsurance on January 1, 2002,primary insurers would not be able to cover future terrorism losses on renewals ofcommercial risk policies without a federal backstop. In the 107th Congress, first session, the House of Re
4、presentatives passed H.R. 3210on November 29, 2001, providing for a temporary federal backstop. In the Senate, foursimilar measures were introduced (S. 1743, S. 1744, S. 1748, and S. 1751), but noaction was taken. Senate Majority Leader Tom Daschle indicated that backstoplegislation would be conside
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