Sadly, in the 20 years hence, the world has clearly become an even riskier place. ![]() ![]() A flurry of new public-private initiatives swiftly emerged including TRIA (US), GAREAT (France) and ARPC (Australia).Īll had different structures, but the common thread was facility for governments and (re)insurers to work swiftly to devise a solution in the face of real and immediate threat. A decade on, however, and the West was confronting a new global threat: terrorism motivated by Islamic ideology.Īfter 9/11, global property insurers threatened to withdraw terrorism cover for the very simple reason that they did not have the capital to underwrite a systemic risk threat so difficult to model. ![]() This was in response to a specific geographic risk posed by Irish Republican terrorists.
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