War And Terrorism Insurance: Plans For Long-Term International Stability And Affordability

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Executive Summary

Insurers in the most exposed classes of business, who were entitled to cancel cover for such risks at short notice, began to do so. Reinstatement, when available, was obtainable only for reduced cover at increased rates. Fresh capital, unencumbered by prior losses, emerged to surf new premium opportunities. Governments were asked to plug the gaps. The air transport industry, which was obviously in the front line, vas outraged by what it believed to be concerted disloyalty and opportunism on the part of liability insurers. The Competition Directorate of the European Union started an investigation. New mutual liability risk-bearing associations were proposed in Europe and in the U.S.'

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