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Updated: May 10, 2025
An equally important issue involves "risk smoothing". Risks, by nature, are "punctuated" stochastic and catastrophic. Finite insurance involves long term, fixed premium, contracts between a primary insurer and his re-insurer. The contract also stipulates the maximum claim within the life of the arrangement.
Congress went even further, providing coverage for 180 days and a refund of all war and terrorist liabilities above $100 million per airline. The Americans later extended the coverage until mid-May. The Europeans followed suit. Despite this public display of commitment to the air transport industry, by January this year, no re-insurer agreed to underwrite terror and war risks.
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