A few years ago the word “terrorism” generally meant a large-scale attack, similar to the 9/11 attacks in New York City and Washington, D.C., or the London Transport bombings in 2005.
The acts were generally carried out by members of radical organizations, aimed at achieving an ideological, religious or political goal. More recently, the nature of the attacks has changed, with “lone wolves” or small groups choosing softer targets such as movie theaters, night clubs or rock concerts to make a statement of some kind.
Despite high cost in lives and suffering, these attacks typically cause minimal direct damage to property, but can bring indirect costs through business interruption, notes Marsh's recently released “2016 Terrorism Risk Insurance Report.” For many organizations, the changing pattern of terrorism risk has them examining their insurance coverage to determine whether they're adequately covered for business interruption and related losses. Businesses are also trying to prepare for potential losses from cyber terrorism and other events.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
