American businesses and consumers rely on the availability of insurance services provided at competitive rates. The Coalition for Competitive Insurance Rates is made up of business organizations, consumer advocacy groups, insurers and their associations advocating for continued and increased competition within the insurance industry.





 

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In the aftermath of the 2001 terrorist attacks on New York, international insurance and reinsurance firms paid 64 percent of the estimated $27 billion in US payouts for the claims. In 2005, Hurricane Katrina caused total losses of $125 billion. Insured losses amounted to $62.2 billion, of which foreign insurers and reinsurers paid more than 60 percent. After Hurricane Ike in 2008, more than 80 percent of the $1.5 billion in resulting reinsurance payments were from non-US reinsurance, with $1 billion coming from Bermuda-based reinsurers.