Modelling the unthinkable
BOSTON, MASSACHUSETTS -- Terrorism modelling companies claim that it is possible to measure the probability of a terrorist attack in the same way that they forecast the probability of an earthquake. Insurance companies have used natural catastrophe models for years, and now it looks like some are set to adapt terrorism risk models to try and get to grips with this challenging risk category.
Following the terrorist attacks of September 11, 2001, the majority of US insurers stepped back from
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