| Dear
Reader:
As
the impact of this week's horrifying events continues to unfold, we're
dispensing with our traditional E-News format. At the moment, there
is no "business as usual." Rather than report on developments in
the financial services industry over the past two weeks, we'll recap the
effect the terrorist attack is likely to have on our industry.
The
October 1st Financial E-News will return to our traditional format, at
which point we'll report on the NAIFA 2001 Career Conference, held this
week in Salt Lake City.
Predictions
are that the terrorist attacks will be the most costly in insurance history,
natural or man-made, with some estimates going as high as $30 to $40 billion.
By way of comparison, insured losses caused by Hurricane Andrew totaled
$17.5 billion. The liability will be spread among insurers and reinsurers,
domestic and foreign. Insured losses will include the loss of buildings
and vehicles, destruction of business and personal property of tenants
and their employees, workers' compensation for injured workers, life insurance
death benefits, aviation insurance losses and business interruption coverage.
The
American Council of Life Insurers has prepared answers to the most-frequently
asked questions concerning how life insurers will handle claims resulting
from Tuesday's attacks. You can find it by clicking here.
U.S.
stock markets closed Tuesday morning and will not reopen before Monday.
The World Trade Center and surrounding buildings housed scores of American
and foreign investment, banking and insurance firms. These firms
are facing the loss of potentially thousands of their employees.
Not only do the trading exchanges have to overcome problems with communications,
electricity and building safety, but workers are also unable to get to
their offices due to ongoing search, rescue and clean-up activities in
the area. To put this in some perspective, during the worst days
of World War II, the markets were never closed for more than two straight
days.
In
terms of tax and other legislation, all prior predictions are history.
The priorities of Congress and the White House have been transformed.
We're beginning to read of calls to roll back at least some of the recent
tax cut in order to help pay for recovery and our war on terrorism.
Stay
in touch with your prospects and clients. During times of uncertainty,
people seek answers to their financial insecurity. Be there to counsel
against panic selling. If history holds true, the markets will rebound
smartly in the months following a major tragedy.
|
HOW
YOU CAN HELP
As our country is
recovering from one of the most cowardly attacks ever launched on American
soil, individuals are asking what can they do to help in this time of national
disaster. The American Red Cross
is helping coordinate the relief efforts in the affected areas and in the
nation as a whole. To find out how you can help, visit their web
site or:
-
For information on blood
donations, call 1-800-GIVE LIFE.
-
To donate money to the
Red Cross for assisting victims of the attacks, call 1-800-HELP-NOW.
The United Way of New
York and The New York Community Trust have established a fund to help the
victims of Tuesday's attacks and their families. Anyone wishing to contribute
may call (212) 251-4035.
For more information
on helping victims of the attacks, visit http://www.helping.org. |
As
Winston Churchill said, "Success is the ability to continue to move through
total disaster." Now is the time for us as a nation to stand strong
and united, in support of one another and our leaders through this disaster.
A
True Hero...
"I
know we're all going to die – there's three of us who are going to do something
about it."
-
Thomas
Burnett, passenger on United Flight 93 that crashed in Pennsylvania
|
We'd
like to close with an excerpt from a column written by Miami Herald
columnist Leonard Pitts and first published on September 12.
Your
Financial E-News Editors,
Bill
O'Quin and Joan Barrett
|
WE'LL
GO FORWARD FROM THIS MOMENT
It's my job to have
something to say.
They pay me to provide
words that help make sense of that which troubles the American soul. But
in this moment of airless shock when hot tears sting disbelieving eyes,
the only thing I can find to say, the only words that seem to fit, must
be addressed to the unknown author of this suffering.
You monster. You
beast. You unspeakable bastard.
What lesson did you
hope to teach us by your coward's attack on our World Trade Center, our
Pentagon, us? What was it you hoped we would learn? Whatever it was, please
know that you failed.
You see, the steel
in us is not always readily apparent. That aspect of our character is seldom
understood by people who don't know us well. On this day, the family's
bickering is put on hold.
As Americans we will
weep, as Americans we will mourn, and as Americans, we will rise in defense
of all that we cherish.
So I ask again: What
was it you hoped to teach us? It occurs to me that maybe you just wanted
us to know the depths of your hatred. If that's the case, consider the
message received. And take this message in exchange: You don't know my
people. You don't know what we're capable of. You don't know what you just
started.
But you're about
to learn.
[To view the full
column, please click
here.] |
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