The shape of the new Congress' risk management agenda has become clearer during the two months since the election. As we hoped, the new chairmen of the Senate Banking, Housing and Urban Affairs and the House Financial Services committees quickly endo The shape of the new...
RISK MANAGERS AND INSURERS have gained an additional two years of breathing room-but precious little else-from Congress' approval of a measure that would extend a scaled-back version of the federal terrorism insurance backstop through the end of 2007 RISK MANAGERS AND INSURERS have gained an additional...
A substantial stand-alone terrorism market has developed since 9/11. This market has enough capacity to fill gaps adequately in most property insurance placements where the property 'All risks' insurers are unwilling to offer terrorism coverage. Government backed terrorism insurance schemes have also assisted in providing terrorism capacity. The effectiveness of...
In order for insurers, policyholders and other stakeholders, such as commercial lenders, to have confidence that a mechanism for covering terrorism risk will be in place and operational before the TRIA extension expires on December 31, 2007, a diverse industry must reach agreement on a large number of difficult issues...
This paper begins by revisiting the question of why the private terrorism insurance market fails. Clearly, if terrorism insurance is really an "uninsurable risk", the question of an optimal government alternative needs to be raised. However, if the private market, after a period of temporary stress, is independently viable, a...
How does the Terrorism Risk Insurance Act TRIA align with the evolving terrorism threat? Transnational and domestic terrorism trends reveal that TRIA does not provide adequate financial protection, particularly in the face of economically motivated attacks. It also shows that TRIA has significant gaps and is not robust to an...
Byline: Mark A. Hofmann WASHINGTON-The House of Representatives is likely to move relatively quickly next year on what role the government should play in guaranteeing terrorism insurance, but the Senate appears unlikely to follow suit, a key Hill Byline: Mark A. Hofmann...
The insurance industry can play a key role in contributing to the social and economic continuity of the country should a large-scale terrorist attack occur. In the aftermath of September 11, the insured costs associated with the terrorist attacks were spread across the U.S. and European economies. There have been...
The paper discusses the development and operation of terrorism insurance programmes established in France, Germany and the U.S as reaction to 9/11. These three programmes are all based upon a public - private partnership with government backup. However, there are some fundamental differences regarding issues such as exclusions, price differentiation,...
The main focus of this paper is on natural disaster insurance, such as earthquakes and hurricanes, as well as on terrorist insurance. The analysis of the failure of such markets builds on several strands of the research, including the work on insurance markets, credit rationing, and principal-agent problems within firms...
This paper focuses on insurance, which is only one part of an overall system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. Disaster assistance, the tort system, and charities can also play a role in this system. This paper should be...
Fundamentally the current debate over whether or not Terrorism Risk Insurance Act of 2002 TRIA should be extended reduces to a small number of arguments: Is terrorism a fully insurable risk? Is the property-casualty insurance industry set up to be capable of paying losses from large scale terrorist attacks or...
This paper talks about a survey of 600 companies and government entities conducted by Marsh Inc, according to which in the first quarter of this year, U.S. businesses purchased insurance coverage against terrorism at a faster rate than they have in any other quarter since the government enacted the Terrorism...
The September 11, 2001 terrorist attack resulted in an estimated $32.5 billion in insured losses. Those losses occurred across many types of coverage, including commercial property, business interruption, workers compensation, aviation, life and disability insurance. Future attacks on U.S. soil are also likely to trigger a wide range of insurance...
Congress had two major objectives in establishing TRIA. The first was to ensure that business activity did not suffer from the lack of insurance by requiring insurers to continue to provide protection from the financial consequences of another terrorist attack. Since TRIA was enacted in November 2002, terrorism insurance generally...
The terrorist attacks of September 11, 2001, drastically changed the way insurers viewed the risk of terrorism. An industry that had considered the risk of terrorism so low that it did not identify or price terrorism risk separate from property and casualty coverage will pay approximately $40 billion for losses...
Terrorism risks are now a common exclusion on property and liability insurance policies. Specific terrorism insurance, with respect both to physical damage and/or extortion, is available in the marketplace. Capacity is limited and pricing high although dropping; extortion coverage is quite cheap. The article briefs on various topics: Terrorism Insurance,...
With the possible exception of the asbestos crisis, insuring the exposure of terrorist attacks within the United States presents the industry with the most difficult and important challenge. The terrorism challenge is important because it influences the entire business climate in the nation, and perhaps the world. The paper presents...
The objective of this presentation is to measure the effects of the World Trade Center attacks on the stock returns of traded insurers. It compares the stock price impact of the WTC attacks with previous major catastrophic events. It finds that market returns to individual insurers following the WTC attacks...
WASHINGTON, April 8 /U.S. Newswire/ -- The President's call today for Congress to pass terrorism insurance legislation bolsters efforts by real estate and other industries to preserve jobs and transactions currently at risk from a lack of affordable, compWASHINGTON, April 8 /U.S. Newswire/ -- The President's call today for Congress...
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