Location revelation
Group life providers scaled back their coverage in the wake of the terror attacks on the World Trade Centre in 2001, but by taking a more sophisticated approach to modelling its risk exposure, Unum is now able to offer cover across the entire country. Aaron Woolner reports
The two planes that crashed into the Twin Towers on 11 September 2001 were responsible for a number of unprecedented events, including a $4.5 billion (£2.75 billion) payout, which ranked as the largest single insurance claim in history. But it was not just replacing the buildings that cost the insurance industry - with the World Trade Centre (WTC) housing a large number of financial companies, the 3,000 deaths meant a massive group life payout for insurers.
Group life is essentially a simple
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