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- W3122358520 abstract "The horrors of 11 September 2001 are not confined to human tragedies. The impact on thewideworld of insurance and reinsurance is on a scale comparablewith the ongoingwar on terrorism. 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, was outraged by what it believed to be concerted disloyalty and opportunism on the part of liability insurers. The CompetitionDirectorate of the EuropeanUnion started an investigation. Newmutual liability risk-bearing associationswere proposed inEurope and in theU.S. The role of governments as liability insurers of last resort is being explored to the limits, most notably in proposals for a worldwide specialized commercial insurance vehicle to be supported by State Parties to the 1944 Chicago Convention as a result of studies organized under the auspices of the International Civil Aviation Organization. And all because aviation liability ‘‘all risks’’ insurers were acting responsibly, first and foremost, by ensuring survival of the worldwide aviation insurance market, thereby enabling cover to continue for essential, traditional risks. Part of the price paid for such survival and continuitywas a dramatic reduction in the cover for any liability to third parties which might arise out of a wide spectrum of destructive causes outside the insured’s control (typified by the London market exclusion AVN 48B), including (but not restricted to) risks frequently abbreviated to ‘‘war and terrorism’’. Hitherto, in a strongly competitivemarket, this part of third-party liability risks had not attracted significant premium, despite several previous illustrations (e.g., PanAm and Lockerbie): 11 September" @default.
- W3122358520 created "2021-02-01" @default.
- W3122358520 creator A5037241770 @default.
- W3122358520 date "2003-10-13" @default.
- W3122358520 modified "2023-09-23" @default.
- W3122358520 title "War and Terrorism Insurance: Plans for Long-term International Stability and Affordability" @default.
- W3122358520 hasPublicationYear "2003" @default.
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