Risk after attacks needs rethinking; Munich Re report calls for new look at underwriting.(Munich Reinsurance Co. report)(Brief Article)

Business Insurance, October, 2001 by Aldred, Carolyn

Insurers and reinsurers must undertake a ``fundamental rethink of their covers and underwriting policies'' following the Sept. 11 terrorist attacks on New York's World Trade Center, according to the world's largest reinsurer. A report by Munich Reinsurance Co. on the aftermath of the tragedy, which likely will rank as the largest insured loss ever, examines the scale of the loss-up to 50 buildings in Manhattan destroyed or damaged-and how insurers likely will alter underwriting in the future.

``The attack wrought hitherto inconceivable damage, highlighting the necessity of a fundamental reassessment of the risk situation with respect to the peril of terrorism,'' according to the Munich Re report, ``11th September 2001, The Attack on the World Trade Center in...

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