S&P Global Market Intelligence 9/13/2021- Specter of terrorism risk still hangs over insurance industry decades after 9/11

Robert P. Hartwig, PhD, CPCU · September 13, 2021 ·

The insurance industry is still struggling with how to best address terrorism risk two decades after the tragic events of September 11, 2001. Right after the attacks, the insurance and reinsurance companies that covered terrorism risk excluded it. Dr. Robert Hartwig, who at the time of the attacks was just a few blocks away working as the chief economist of the Insurance Information Institute, reflected, “If nothing else, the attacks on the World Trade Center and Pentagon were a reminder to the insurance industry that it can be surprised. The events of that day underscored the importance of managing companies conservatively to ensure there are contingencies for large, unexpected claims.” Read more about how 9/11 impacted the insurance industry here.

About Robert P. Hartwig, PhD, CPCU

Director, Risk and Uncertainty Management Center
Clinical Associate Professor
Robert Hartwig (Ph.D., University of Illinois, 1993) is clinical associate professor of finance and director of the Risk and Uncertainty Management Center. His research focuses on insurance markets and structures, risk management, pandemic risk, risk-bearing capital market instruments, the financing of technology risks and venture capital in insurance markets. He makes frequent presentations to insurance industry management, boards of directors, regulators and legislators. Prior to joining the Darla Moore School of Business, he was president and economist for the Insurance Information Institute in New York and in prior positions worked for Swiss Re, the National Council on Compensation Insurance and the U.S. Consumer Product Safety Commission. He has also served as an adjunct professor at Florida Atlantic University. His professional experience includes expert witness testimony and testimony before numerous congressional and state legislative committees. He holds the Chartered Property Casualty Underwriter (CPCU) credential and speaks frequently in the media on all issues related to insurance markets.