Terrorism seems to be on everyone's mind following the July 7 attack on the London underground. It is certainly on the mind of Massachusetts' insurance companies, which along with their national counterparts are lobbying Congress to extend the federal Terrorism Risk Insurance Act. Commonly known as TRIA, the law is...
The total insured-property losses from the September 11 terrorist attacks are expected to hit more than $40 billion, according to the Insurance Information Institute, a nonprofit organization supported by the property and casualty insurance industry. As the costliest U.S. catastrophe to date, the September 11 terrorist attacks surpassed the insured...
The objective of this article is to outline what one, as a researcher, knows and, more importantly, what one does not yet know about the consequences of terrorism for financial markets. The paper argues that a number of the efforts used to assess quantitatively the risk of terrorist attacks are...
The insurance sector is a key part of the U.S. financial sector, particularly following a terrorist attack or other disaster where there has been loss of life and damage to property. To determine the insurance sector's preparedness to protect and recover critical insurance operations, this paper describes the potential effects...
The nation's air, land, and marine transportation systems are designed for accessibility and efficiency, two characteristics that make them highly vulnerable to terrorist attack. While hardening the transportation sector from terrorist attack is difficult, reasonable measures can be taken to deter terrorists. The focus of this report is how best...
Real estate owners, users and investors have had an interesting ride the past several years. A combination of a tech meltdown, a recession, a terrorist attack, the threat of further terrorist attacks, a jobless recovery, ôoffshoring" and huge monetary and fiscal stimulus have all made gauging the demand for real...
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...
In 2002, GAO reported that the New York budget offices estimated that from the terrorist attack, New York City sustained tax revenue losses of $1.6 billion for 2002 and $1.4 billion for 2003, New York State $1.6 billion for 2002 and $4.2 billion for 2003. GAO found some limitations to...
U.S. agriculture generates more than $1 trillion per year in economic activity and provides an abundant food supply for Americans and others. Since the September 11, 2001, attacks, there are new concerns about the vulnerability of U.S. agriculture to the deliberate introduction of animal and plant diseases agro terrorism. The...
Estimating the risk of a terrorist attack is problematic because of limited historical data, divergent models, and differing expert judgments on the likelihood and impact of an attack. Therefore, professionals seeking to manage the risk are further challenged by uncertainty over whether to buy insurance, by how to conduct appropriate...
The terrorist attacks on September 11, 2001, against the United States raise a fundamental question about the responsibilities of the public and private sectors in reducing the risks of terrorist attacks and in providing adequate financial protection to victims of catastrophes. In the field of risk management and insurance, terrorism...
Even before the events of September 11, 2001, threat assessments suggested that the United States should prepare to respond to terrorist attacks inside its borders. This report documents research into the use of military medical assets to support civil authorities in the aftermath of a chemical, biological, radiological, nuclear, or...
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...
The terrorist attacks on September 11, 2001 (9/11) against the United States raises the fundamental question as to what are the responsibilities of the public and private sectors in reducing the risks of terrorist attacks and who should pay for future losses should the terrorists be successful? Prior to September...
Although the Business Continuity Plan BCP or Continuity of Operations Plan COOP may be completed it is never finalized. Periodic testing (or "Exercising") and update are required to maintain the effectiveness of the plan. One of the most interesting and challenging Tabletop or Simulation Exercises is the Terrorist Attack disaster...
The terrorist attacks in lower Manhattan on September 11, 2001, affected many lives. In addition to the personal losses, the events of 9/11 also affected the overall business environment. Hundreds of individual businesses sustained economic damages, affecting entire industries that continue to feel the consequences. Most of this chapter focuses...
Experiencing or witnessing a crime, battle, or terrorist attack, or being a victim of sexual abuse, can lead to a form of stress that can last a lifetime. Termed post-traumatic stress disorder, or PTSD, the condition afflicts 5.2 million Americans aged 18 to 54 each year. Its social and economic...
This paper features a discussion on issues related to the organization and operation of the fire departments, emergency medical services, and police departments that are the initial responders to any emergency situation, including a terrorist attack. It points out that the initial response to terrorist attacks and other emergency situations...
This paper features a discussion covering a wide range of homeland security issues related to law enforcement. It mainly focuses on interdiction of terrorists before they can commit terrorist acts which are among the most cost-effective means of dealing with terrorism. It also discusses why balancing the need to protect...
Public relations is defined as a management function that establishes and maintains mutually beneficial relationships with relevant publics. It is a process that seeks to effectively manage organizational reputations. To perform such a task, special strategies and tools are used, which include identifying reactions of relevant publics, designing effective messages,...
