August 17, 2004
Insurance sets the first record in Greece
With terrorism on the rise and so many uncertainties, it's no surprise that companies involved with the Olympics have purchased over a billion dollars in insurance. One reason for the amount of insurance taken out is the lack of security preparation from Greek officials. Lloyd's, the largest insurer with over one third of the risk, was left responsible for getting security back on the top of the priority list.
"We had security analysts at all the Athens ports six to seven months ahead of time going through security issues ad infinitum," said James Skinner, a marine hull underwriter at Talbot Underwriting. "They came up with hundreds of recommendations because there basically wasn't any security before they arrived."
Posted by Tom Troceen