The president of the US-based Captive Insurance Companies Association (CICA) has said the economic consequences of the recent terrorist attacks on the US would be greater than initially estimated.
Carl Modecki, in his speech at the annual RISK conference in Guernsey, also said that new business would be created from the disaster.
He said captive insurance could be one of the few beneficiaries of the terrorist attacks. He added that many major corporations had already revised their insurance structures and were placing a greater emphasis on captives instead of traditional (re)insurance.
