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Sept 11 Business |
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The aftermath of the terrorist attacks on September 11, 2001, sent shock waves throughout American society and the business community. Many industries were significantly impacted by the attacks. From the tourism and airline industries to the financial and insurance industries, virtually no business remained immune from the impact of the September 11 attacks. This is particularly true of the insurance industry, according to Frank Caruso in his article The Insurance Industry After 9/11. Prior to September 11, 2001, the insurance industry was entering a hard market cycle, where rates increased on average by 15-20% and non-renewal notices were becoming more frequent (Caruso 21). Everything changed after 9/11, with loss estimates for the attacks ranging from $30 billion to $72 billion (Caruso 21). Morgan Stanley has deemed the event the largest worker's compensation claim
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Category: Business - S
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