NU Online News Service, April 9, 2003, 5:52 p.m. EDT — New York
Swiss Re, Zurich, and the life insurance industry have suffered through two tough years, but company executives who spoke here today said they are optimistic.
The stock slump and claims resulting from the Sept. 11, 2001, terrorist attacks have hit hard. But John Coomber, chief executive of the Swiss Re Group, said his company has sharply reduced its exposure to stocks and benefited from the growth of its life reinsurance business.
Jacques Dubois, chairman of Swiss Re American Holding Corp., said Congress could help his company’s life reinsurance operations by expanding protection against terrorist attacks.
The new Terrorism Risk Insurance Act, which protects property-casualty insurers against catastrophic, terrorism-related losses, is necessary because the frequency and severity of potential terrorist events is “unknowable,” Dubois said.