But that handful of events nearly destroyed the global . . . insurance sector. The American security guarantee for shipping was considered ironclad. After all, there had been less than a handful of incidents globally for decades. There was even a period from roughly 1950 to 1975 with zero attacks on shipping. Loss provisions on maritime insurance, therefore, were, at most, minimal. Preparing for such incidents with large sums of cash would have been like setting aside billions to address earthquake claims in Illinois. But when the claims from the Iran-Iraq War rolled in, insurance firms
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