Terrorism Cover: An Axis Of Uncertainty
The insurance crisis that many observers expected in 2002 due to fallout from the Sept. 11 terrorist attacks looked like Y2K–lots of worry and little disruption. Unlike Y2K, however, the terrorist problem did not disappear when the electricity stayed on at midnight on New Year's Eve. Our society remains on a war footing with unprecedented attention to physical security, but it seems to have hit the snooze button regarding economic security.
Consumers, businesses and insurers are at least as vulnerable to terrorist threats as they are to natural disasters. Terrorist madmen can wreak havoc and generate losses even greater than those experienced on Sept. 11.
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