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Thursday, March 24, 2005

Low demand for terrorism insurance in Canada 

The current issue of Business Insurance reports that there is very low demand for terrorism insurance in Canada, quite unlike the situation in the United States.
Canadian risk managers often see terrorism insurance as a "luxury product," because the risk of a terrorist attack on Canadian soil is generally considered to be extremely remote, observers say.

"It's not as high on the radar as some of the coverages brought by Canadian companies," said Paul Martin, president of Toronto-based KRG Insurance Brokers Inc. "I don't think Canadians really feel there is a huge exposure for them. I think we feel somewhat insulated from the world when it comes to terrorist attacks."

The market has a certain wisdom. It is probably true that there is very little chance of a terrorist attack in Canada, and it is definitely true that Canadians hold that view. From this perspective, it is not surprising that American and Canadian foreign policy have diverged so dramatically in the last few years. Canada's unwillingness to participate in Iraq probably reflects its very different sensitivity to terrorism as much as its popular rejection of specific American policies or politicians.

3 Comments:

By Blogger FireWolf, at Thu Mar 24, 09:21:00 PM:

Does this mean I should suit up because it's time to invade canada? I want to find me a good igloo and rob the closest Labatt's brewery? Yeehaw!!

Saddle up! Grab your mucklucks! We's gonna fetch us some fine Loonies to take home!  

By Blogger TigerHawk, at Thu Mar 24, 10:05:00 PM:

I dunno, F-Wolf. Minnesota is awfully close to the Canada. Like, you share a border and everything...  

By Blogger FireWolf, at Thu Mar 24, 11:36:00 PM:

Am I to imply from your meaning that it's "Black Ops" time?

Operation: Hockey Puck

Mission: Find a flag with a large Maple Leaf in the center and see how tasty it is on a pancake  

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