President Bush this week signed federal terrorism insurance into law, a movewelcomed by the industry in Iowa. A leader in the number of insurancecompanies, the state had corporate leaders carefully watching the progressof the bill after Nine-eleven led to the ruin of many insurors with billionsin losses from terrorist attacks. Scott Kinney, spokesperson for the stateinsurance division, says the industry affects our economy in ways we don’tthink of, and Kinney says many lives and other industries will be helpedwith this bill to make insurance more affordable and boost the economy byletting construction projects and their associated jobs recover. Lack ofterrorism insurance halted many big projects nationwide, and though Iowadidn’t see much of that, Kinney cites airport expansions and the big sportscomplex being built in Des Moines, as projects that need terrorism insurancesince the threat of attack doesn’t spare Iowa. Kinney compares terrorismcoverage to crop insurance or flood insurance, created so if there’s adisaster the government can step in and help with the expenses so insurorsaren’t forced out of business.
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