An outlier by design, not accident
It would be easy to assume Canada simply hadn’t gotten around to it yet. By 2007, a Guy Carpenter report made clear that wasn’t the case: Canada had, by then, deliberately declined to join “the global trend” of government-backed terrorism pools taken up by the US (TRIA), the UK (Pool Re, expanded after 9/11), France (GAREAT) and Germany (Extremus). The report’s explanation was that Ottawa “felt insurers had not shown a willingness to commit a sufficient percentage of their assets to any proposed program.” In other words, the two sides never agreed on the price of admission, and once the immediate post-9/11 urgency passed, neither side had much incentive to reopen the file.