Je Suis Parisien

tumblr_mcu1vtp8mf1qmae8to1_500Too often we in the insurance world look at the numbers (read data) and create complicated algorithms and processes to wring out the best results in terms of insuring risks for our people and organizations. The events in Paris this past Friday remind us all too well of the human costs behind some of those grim statistics. Like many of you, I was horrified about the attacks in this beautiful city, but it also highlights the toll of terrorism in places we hear very little about: Raqqa, Aleppo, Darfur, Kano.

According to the latest annual Global Terrorism Index by the Institute for Economics and Peace in 2014, acts of terrorism have cost the world $52.9 billion, up from $51.51 billion following the 2001 terrorist attacks in New York. Included in the cost is the value of property damage and the cost of death and injury, but it does not include the costs associated with increasing security, higher insurance premiums, or the cost of city gridlock after an attack.  Obviously, the latest figures also do not include costs associated with the November 13 attacks in Paris, which will probably pale in comparison compared to the  13,426  total lives lost to terrorism in 2014 in the Middle East and Africa alone. Staggering.

On a more mundane matter, I am visiting Washington today for the fourth time this year to try and move the Leahy/Graham Captive Clarity bill. With my good friend Kevin Doherty from Tennessee, we will meet with senior staff of Senator Corker, a key member of the Banking Committee, in our continued effort to educate key leaders on the bill.

Thank you all very much, and I look forward to hearing from you.

Rich Smith
VCIA President

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