The September 11 attack on the World Trade Center has resulted in the largest losses ever to the insurance industry – an estimated $40 billion to $70 billion. Concerned about how to address this type of unpredictable and potentially severe exposure in the future, some business insurers have been imposing dramatic rate increases to recoup losses while asking Congress to provide a government-funded solution for the industry in case of future terrorist attacks.

So far, the New York Department of Insurance has received 52 terrorism exclusion requests and the New Jersey Department of Insurance reports 34 requests since mid-October. South Dakota has given conditional approval to permit the exclusion of terrorism coverage in policies covering small and midsize businesses – but only if federal lawmakers fail to act.

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