Viewpoint: Battle StrategiesInsurers Need to Protect Systems in War
At press time, the United States was standing on the verge of war with Iraq. With so many warnings issued and deadlines handed down, the debate over war was more about when rather than if. That has led many U.S. businesses to consider contingency plans for what could be a long nationwide distraction. Jamie Bisker, director of research-insurance practice for TowerGroup, believes insurers will be studying the conflict to determine the economic impact on the industry and the world.
Its obvious the insurance industry is sensitive to economic change, says Bisker. This is reflected in the recent changes in the annuity market, which was going great guns but is now pulling back because of a combination of weakened equities and depressed interest rates. With the prime rate at 4.25 percent in mid-March and the Federal Reserve considering lowering the rate again, Bisker is convinced the impact of the economy is the larger impact [of a war] on the insurance industry.
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