Home About IUP Magazines Journals Books Amicus Archives
     
A Guided Tour | Recommend | Links | Subscriber Services | Feedback | Subscribe Online
 
The Insurance Chronicle Magazine:
Braving Bioterrorism
:
:
:
:
:
:
:
:
:
 
 
 
 
 
 
 

What cannot be measured cannot be underwritten is the golden rule in insurance. Quantification of terrorism risk is very difficult, more so in the case of bioterrorism. The state is forced to chip in as an insurer of the last resort. A case in point is the Terrorism Risk Insurance Act, 2002 of the US and its latest version, Terrorism Risk Insurance Extension Act, 2005. Underwriters are yet to find a lasting solution to insure this gigantic risk.

 
 
 

Terrorist risk has been impossible to quantify. It cannot be insured any more, without the governments help as insurer of last resort. September 11 gave a big blow to the Yankee pride. The refrain prior to 9/11 was, "We're Americans and no one can hurt us". The prevalent mood towards terrorism was "open ears, closed wallets". When it came to dollars, they just aren't there. Terrorism it is oft said is a weapon of the weak. The terrorists crave attention. They would like many people to watch, not necessarily many people dead. Therefore, modern terrorism is more of an attempt to convey messages through the use of organized violence.

Terrorists are opportunists. They tried a bomb in the garage of the World Trade Center but it failed to bring the buildings down. Consequently, the security was tightened at WTC. They changed track and resorted to attacking the buildings with loaded planes and it being the only feasible opportunity at that point of time, it worked.

September 2001 and thereafter, terrorist outfits have caused mass human casualty. In the Indian context, close on the heels of 9/11 was the attack on the Indian Parliament in December 2001. After the 1993 Mumbai blasts, terrorism has raised its ugly head once again in the country. July 11, 2006 was a black day for Mumbaites. The serial seven blasts claimed two hundred human lives and injured more than thousand people.

 
 
 

Insurance Chronicle Magazine, Bioterrorism, Terrorism Risk Insurance Act, Terrorism Risk Insurance Extension Act, World Trade Center, Global Terrorism Index, Bioterrorism Agents, Biological Weapons, Stockholm International Peace Research Institute, Insurance Industry, Private Insurance Companies.