Article Abstract:
Insurance premiums for corporate clients in Denmark are to rise by 15-20% for medium-size companies whereas large companies will see their premiums rise by more than 50%. At the same time, insurance companies report that their will not cover for losses caused by terror actions. Henrik Hildebrandt of the insurance brokerage company Marsh finds this unsatisfactory and says the insurance business will have to join forces and find a solution. The leading insurance companies have made efforts to put pressure on re-insurance companies to include terrorism in the insurance but have failed in this. They are now working on a joint solution whereby the business itself could cover terrorism with the help of state subsidies perhaps. Zurich Forsikring, the Swiss insurance giant, however, offers coverage against terrorism - but at a high price.
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Article Abstract:
Insurance companies in Denmark are awaiting the repercussions of the World Trade Center terror attack in the USA. About half of Danish businesses are to have their insurance policies renewed as from the start of 2002 and insurance companies find it difficult to determine what to charge their corporate clients for their insurance. The companies are discussing with their re-insurance companies in order to find a suitable level for premiums. Some re-insurance companies say premiums will have to be raised by up to 100%. TrygBaltica's ceo Peter Falkenham rejects 100% increases saying that the damages they have seen do not justify such premium increases.
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Article Abstract:
No one can predict the consequences of yesterday's terror attack, but it is going to cost insurance and reinsurance companies huge sums. Danish insurance companies are also expected to be affected by next year. According to Soren Lindbo, director of the Danish division of AON, premiums are expected to go up, since reassurance already is under pressure. The upcoming days and perhaps weeks is expected to be chaotic and customers are asked to be patient with the insurance companies.
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