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Tackling terrorism coverage: a government backstop will have limited value since most claims likely will fall within net retentions in the Terrorism Risk Insurance Act. (Underwriting Insight: Property/Casualty).

Publication: Best's Review
Publication Date: 01-FEB-03 		Format: Online - approximately 766 words
Delivery: Immediate Online Access

Article Excerpt
Now that the insurance industry has been required to deal with the issue of providing terrorism insurance, the question is how can insurers tackle a peril that many underwriters consider entirely uninsurable by private industry.

Premium rates are essentially a function of loss frequency and severity. Of course, historic records that can document the frequency of terrorist attacks in the past do exist. However, no one believes that in this case past performance will be a guarantee for future results.

While large attacks on the scale of the World Trade Center catastrophe are certainly possible, they are not probable. Government vigilance will make attacks that require extensive logistics, involving a large number of terrorists,...

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