OECD – TERRORISM
July 1st, 2005
BY ALAN OSBORNSPURRED by the recent OECD (Organisation for Economic Cooperation and Development) report on terrorism risk cover, insurers have begun to wonder about the optimum pattern for cover in this highly unpredictable sector with its potential for catastrophic losses. As the OECD says "private markets are not yet able to fully cover the extremely large losses that could result from terrorist acts in the future." It says that estimates on maximum losses resulting from a single September 11-style terrorist attack range from US$50 billion to US$250 billion. ...
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