THE INSURANCE CRISIS IS REAL.(Perspective)

Byline: JOSEPH L. BRUNO

Your editorial, "Municipal Insurance," (Feb. 20) contains several substantial divergencies from the real world.

The "crisis" that currently exists with regard to liability insurance availability and affordability is not an hysterical reaction by special interest groups seeking urgent redress of some minor problem. For the first time in all the cycles that the insurance industry has been through, the re-insurers of theworld have declared the United States as too substantial a risk for further investment, especially in states such as New York with unlimited liability exposure. Why? Because they will not continue to absorb substantial losses at the hands …