AM Best: State of the Insurance Industry & Rating Implications
Monday, October 8th, 2001 Risk ManagementThe long-term implications of the September 11 terrorist attacks for the insurance industry "will likely be far greater than the ultimate sum of the paid losses," said Larry Mayewski, A.M. Best Co.‘s Executive Vice President and Chief Rating Officer. "They will also dramatically change how the industry conducts business in the future." In an Oct. 2 conference call with hundreds of participants, Mr. Mayewski called the terrorist attacks of Sept. 11 "unprecedented" in scope and complexity. . . . The direct and indirect impact of this event may not be fully understood for several years," he said. "The insurance industry will be able to meet its commitments," said Mr. Mayewski, noting that A.M. Best‘s most recent estimate of losses stemming from the attacks remains in excess of $30 billion.
