Tuesday, May 3, 2011
This excerpt from a memo to employees by Leon Panetta, director of the Central Intelligence Agency (CIA), underscores the point that while the killing of Osama Bin Laden is a positive development in the war on terrorism, the threat continues to evolve.
Insurers, among other industries, must remain alert to the possibility of reprisal attacks.
A recently updated Insurance Information Institute (I.I.I.) paper explains why terrorism risk remains extremely problematic from the insurance standpoint.
It also discusses the importance of the terrorism risk insurance program â€“ a public-private risk sharing partnership that since 2002 has allowed the federal government and the insurance industry to share losses in the event of a major terrorist attack.
To learn more about the insurance implications of Bin Ladenâ€™s death, check out the video below featuring I.I.I. president Dr. Robert Hartwig speaking from Ground Zero.
An articleÂ by PC360.com has further insurance market reaction to Bin Ladenâ€™s death.