Success in managing terror risk will come only through unprecedented collatoration between the public and private sectors, and the insurance and reinsurance industries must play a leading role as the tools to assess, quantify and manage this risk are within their grasp, according to a new study released by Guy Carpenter & Company, Inc., the leading risk and reinsurance specialists worldwide.
The report, The Terror Risk: Can It Be Managed?, is based on a recent seminar sponsored and moderated by Guy Carpenter as an industry forum for sharing perspectives and updates on the critical issues surrounding terror risk.
“Our industry, which prides itself on making sense of risk, must now develop a viable solution to events that are above all senseless,” Salvatore Zaffino, Chairman and CEO of Guy Carpenter, commented. “We must find an answer that does not leave insurance companies overly exposed to further catastrophic losses. We must explore the possibilities for government participation in a solution. We must meet the challenges of terror risk head-on, much as we have addressed other seemingly insurmountable risks in history.”
Participants at the seminar were in general agreement that terror risk is a permanent issue and more severe and unpredictable attacks are a virtual certainty. In their presentations, which are provided in the Guy Carpenter report, industry and government experts explored ways that insurance and reinsurance companies can manage terror risk and thrive in this new environment:
The Terror Risk: Can It Be Managed? is available by e-mailing a request to marketing@guycarp.com.
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