Description: The terrorist attacks of September 11 resulted in the largest insured catastrophic loss in history, estimated to total as much as $70 billion. Even though the insurance industry committed to pay losses resulting from the attacks, industry spokesmen asserted that in view of the impending unavailability of terrorism reinsurance on January 1, 2002, primary insurers would not be able to cover future terrorism losses on renewals of commercial risk policies without a federal backstop. This report contains information on Congressional actions in 2001,the initial industry reaction, the market reaction, terrororism exclusions, and more.
Date: January 15, 2002
Creator: Woodall, S. Roy, Jr.
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Partner: UNT Libraries Government Documents Department