Year 2000

Document description

In this paper we aim to investigate the ramifications of the millennium bug for insurance enterprises. We describe, briefly, the millennium and similar date related bugs, their possible business and economic consequences and the time-frame over which the consequences of date related bugs may emerge. We go on to discuss the coverage issues the millennium bug raises and underwriting and reserving issues. In the appendix we consider the possible impact for each major line of business. The paper focuses principally on UK policy forms, but we imagine similar coverage issues will arise in other jurisdictions.