Terrorism – dealing with the new spectre
The days since 11 September have been ones of re-evaluation on different levels – personal, societal, political and industrial. New core issues are now emerging for the insurance industry.
The devastating attacks on the World Trade Center and Pentagon have shown that terrorism threat has become virtually immeasurable in terms of both the severity and frequency of exposure – making it difficult for the private insurance industry to adequately cover this risk. While international terrorism is hardly a new phenomenon, these attacks have brought to light a staggering, previously inconceivable scale of threat scenarios and loss potentials.
Insurers and reinsurers are already willing and able to provide limited cover for terrorism risk, and they are also examining a viable long-term approach. In this Focus Report, Swiss Re proposes ways and means the insurance industry and government can employ for dealing with this new spectre.
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