The terrorism insurance market could be at risk from terrorist losses, according to a report by the Organization for Economic Cooperation & Development (OECD).
The Paris-based OECD's Insurance and Private Pensions Committee in 2002 set up a task force of government and industry experts to analyse the financial management of terrorism risk.
It found the maximum losses resulting from a single terrorism attack range from $50bn to $250bn.
It said the insurance industry may not be able to cover large-scale losses and that government intervention might be necessary to maintain cover at an affordable rate.
The report also noted that the existence of public-private partnerships to cover terrorism events could help to stabilise terrorism insurance markets after a large-scale attack or frequent attacks.
It advised governments to work with the insurance industry to try to find ways to cover terrorist risks.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
