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Headline: Insurance’s catastrophic year impels it onto banks’ terrain Source: Euromoney Date: January 2002 Author: Nick Evans The insurance industry is at a turning point. In the wake of the September 11 attacks, capacity shrank, rates rocketed, and losses mounted. Some cover is still hard to come by. Yet a dramatic resurgence is under way as new capital floods in and as insurers adopt alternative risk transfer, dubbed insurance-based investment banking. It’s now evident that the terrorist crisis has not simply served to highlight the notoriously cyclical nature of the industry but has greatly accelerated long-term changes in the sector. |
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