Friday, July 22, 2011
This post was prepared by Leo Jordan. The past ten years have resulted in the highest insurance and reinsurance catastrophe claim payments in the history of the industry. The terrorist attacks on the World Trade Center in New York on September 11, 2001, and the unprecedented events of Hurricane Katrina in 2005, tested the financial resources of the insurance and reinsurance industry. While the industry has met its obligations to its policyholders as promised, the historical trend reveals a probability of even greater catastrophes in the future.
On September 14, 2011, at 12:00 noon to 1:30 p.m. EDT, the TIPS Insurance Coverage Litigation Committee will present a teleconference that will probe in depth whether the private industry is capable of responding to a $100 billion catastrophe; or must seek assistance from the federal government in meeting future obligations. To discuss these issues will be a panel moderated by Judith Goodman, from Goodman & Jacobs, LLP. She will be joined by Leo J. Jordan, former Vice President and Counsel for State Farm Insurance Companies and a past chair of TIPS, and Franklin Nutter, the President of the Reinsurance Association of America.