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Policy Issues In Insurance Terrorism Risk Insurance In Oecd Countries
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Book Synopsis Policy Issues in Insurance Terrorism Risk Insurance in OECD Countries by : OECD
Download or read book Policy Issues in Insurance Terrorism Risk Insurance in OECD Countries written by OECD and published by OECD Publishing. This book was released on 2005-07-05 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents OECD policy conclusions and leading academic analysis on the financial management of terrorism risk nearly four years after the World Trade Centre attacks.
Book Synopsis Policy Issues in Insurance Catastrophic Risks and Insurance by : OECD
Download or read book Policy Issues in Insurance Catastrophic Risks and Insurance written by OECD and published by OECD Publishing. This book was released on 2005-07-06 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: These conference proceedings present academic analysis, country reports, and financial/insurance company assessments on how to handle losses caused by large-scale catastrophes including terrorism and atmospheric perils.
Book Synopsis Policy Issues in Insurance Financial Management of Large-Scale Catastrophes by : OECD
Download or read book Policy Issues in Insurance Financial Management of Large-Scale Catastrophes written by OECD and published by OECD Publishing. This book was released on 2008-09-30 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains three reports focusing on different institutional approaches to the financial management of large-scale catastrophes, the role of risk mitigation and insurance in reducing the impact of natural disasters, and the importance of strategic leadership in the management of crises.
Book Synopsis Issues and Options for Government Intervention in the Market for Terrorism Insurance by : Lloyd S. Dixon
Download or read book Issues and Options for Government Intervention in the Market for Terrorism Insurance written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the 9/11 terrorist attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In exchange, the federal government will reimburse insurers for a portion of insured losses above a particular threshold. This paper frames the central issues in the debate over whether to extend, modify, or end TRIA, and explores the role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by those attacks.
Book Synopsis Emerging Risks in the 21st Century An Agenda for Action by : OECD
Download or read book Emerging Risks in the 21st Century An Agenda for Action written by OECD and published by OECD Publishing. This book was released on 2003-04-24 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the implications of newly developing risks such as hugely damaging hurricanes, new diseases, terrorist attacks, and disruptions to critical infrastructures.
Download or read book Policy Watch written by Howard Kunreuther and published by . This book was released on 2004 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program that provides up to $100 billion commercial coverage with a specific but temporary risk-sharing arrangement between the federal government and insurers. TRIA%u2019s three-year term ends December 31, 2005, so Congress soon has to determine whether it should be renewed, whether an alternative terrorism insurance program should be substituted for it, or whether insurance coverage is left solely in the hands of the private sector. As input into this process, the paper examines several alternatives and scenarios, and discusses their potential to create a sustainable terrorism insurance program in the Unites States.
Book Synopsis Issues and Options for Government Intervention in the Market for Terrorism Insurance by :
Download or read book Issues and Options for Government Intervention in the Market for Terrorism Insurance written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The threat of terrorism poses a challenge for the U.S. insurance system: How can the system best insure against potential losses and compensate victims of attacks? Following the 9/11 attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In return, TRIA guarantees that the public (i.e., the government) will reimburse insurers for 90 percent of losses from terrorism above certain thresholds. TRIA was intended to bolster the insurance industry against catastrophic payouts while the industry developed strategies and mechanisms to cope with the threat of terrorism. TRIA expires on December 31, 2005, but insurance policies (which typically last one year) will soon begin to be written that will expire after TRIA does. This paper has a dual purpose: to help frame the central issues that should be considered in the debate over whether to extend, modify, or end TRIA, and to explore the broader issue of the appropriate role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. The paper also discusses options that policymakers might consider in addressing these issues and goals against which various options can be evaluated. Although this paper focuses on insurance, it is important to note that insurance 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. Direct government compensation, the tort system, and charities can also play a role in this system.
Book Synopsis Terrorism Risk Insurance Act by : Ernie L Duke
Download or read book Terrorism Risk Insurance Act written by Ernie L Duke and published by Nova Science Publishers. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001 terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if offered at all. Because insurance is required for a variety of transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Terrorism insurance was largely unavailable for most of 2002, and some have argued that this adversely affected parts of the economy. This book evaluates the extent of available data on terrorism insurance and Treasury's efforts in determining federal exposure; changes in the terrorism insurance market since 2002; potential impacts of selected changes to the Terrorism Risk Insurance Act (TRIA).
Book Synopsis Terrorism Risk Insurance by : Oscar A. Madsen
Download or read book Terrorism Risk Insurance written by Oscar A. Madsen and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the 11 September 2011 terrorist attacks, insurance coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expansive if insurers offered it at all. Because insurance is required for a variety of economic transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Private terrorism insurance was largely unavailable for most of 2002 and some have argued that this adversely affected parts of the economy. Congress responded to the disruption in the terrorism insurance market by passing the Terrorism Risk Insurance Act of 2002 (TRIA). TRIA created a temporary three-year Terrorism Insurance Program in which the government would share some of the losses with private insurers should a foreign terrorist attack occur. This book analyses the TRIA program at ten years and the future of the terrorism risk insurance program.
Book Synopsis Terrorism Risk Insurance Act by : Ernie L. Duke
Download or read book Terrorism Risk Insurance Act written by Ernie L. Duke and published by Gazelle Book Services, Limited. This book was released on 2014-01-01 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001 terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if offered at all. Because insurance is required for a variety of transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Terrorism insurance was largely unavailable for most of 2002, and some have argued that this adversely affected parts of the economy. This book evaluates the extent of available data on terrorism insurance and Treasury's efforts in determining federal exposure; changes in the terrorism insurance market since 2002; potential impacts of selected changes to the Terrorism Risk Insurance Act (TRIA).
Book Synopsis Terrorism Insurance by : Miguel H. Palacios
Download or read book Terrorism Insurance written by Miguel H. Palacios and published by Nova Science Publishers. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the issues involved with terrorism insurance and includes a side-by-side comparison of the previous law, the two House TRIA-extension bills, and the Senate bill that was ultimately signed by the President. Prior to the September 11, 2001 terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, both primary insurers and reinsurers pulled back from offering terrorism coverage. Congress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act (TRIA) of 2002. TRIA created a temporary program to calm the insurance markets through a government backstop for terrorism losses. In addition to the continuing debate about TRIA, this book also discusses commonly accepted principles of insurability and whether nuclear, biological, chemical, or radiological (NBCR) risks are measurable and predictable and whether private insurers currently are exposed to NBCR risks and the challenges they face in pricing such risks.
Book Synopsis Catastrophic Risks and Insurance by :
Download or read book Catastrophic Risks and Insurance written by and published by OECD. This book was released on 2005 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the eighth of a series devoted to major policy issues in insurance, and sets out the proceedings of a conference, held in Paris in November 2004, to discuss options for dealing with losses caused by large-scale disasters. It contains a selection of papers and reports which focus on three key issues: the insurability of catastrophic risks; the extent to which financial markets can help address the risks of both natural disasters and terrorism; and the role of governments and public-private partnerships in the management of such risks.
Book Synopsis The Financial War on Terrorism A Guide by the Financial Action Task Force by : OECD
Download or read book The Financial War on Terrorism A Guide by the Financial Action Task Force written by OECD and published by OECD Publishing. This book was released on 2004-03-23 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this book is to make a significant contribution to guide countries in the financial war on terrorism. It is published by the Organisation for Economic Co-operation and Development on behalf of the Financial Action Task Force (FATF), the ...
Book Synopsis Trends in Terrorism, Threats to the United States and the Future of the Terrorism Risk Insurance Act by :
Download or read book Trends in Terrorism, Threats to the United States and the Future of the Terrorism Risk Insurance Act written by and published by . This book was released on 2005 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act of 2002 (TRIA) was crafted in the aftermath of the 9/11 attacks after the insurance industry, stung by $32 billion in damage claims (by current estimates) and fearing another attack of equal magnitude, began to exclude terrorism coverage from policies. The legislation requires insurance companies to make terrorism insurance available to customers and, in return, provides federal reinsurance (a "backstop") for losses from terrorist attacks. It is intended to give insurers time to assess their exposure to terrorism risk and to consider how to price and underwrite the risk. TRIA is set to expire at the end of December 2005. TRIA embodies federal policy that a private insurance market will provide the foundation of the financial recovery from future terrorist attacks. It also recognizes that since the risk is unfamiliar to the industry, federal government assistance should, at least in the short run, be made available to support this market. In this book, we examine whether this policy and, in particular, the architecture of TRIA provide robust protection against the threat of losses from future attacks. By robust, we ask specifically whether the structure of TRIA is in line with the fundamental qualities of the risk of terrorism and with likely evolving trends in this threat. The focus of the analysis is on developments that have relevance for terrorist attacks taking place within the borders of the continental United States and the extent to which they are addressed (or not) by the TRIA framework.
Book Synopsis Policy Issues in Insurance Insurance and Expanding Systemic Risks by : OECD
Download or read book Policy Issues in Insurance Insurance and Expanding Systemic Risks written by OECD and published by OECD Publishing. This book was released on 2003-07-28 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains an in-depth analysis of the assessment, management and compensation of the so-called "expanding systemic risks", to which market players and insurers are exposed.
Book Synopsis The Federal Role in Terrorism Insurance by : Lloyd S. Dixon
Download or read book The Federal Role in Terrorism Insurance written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2007 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the Terrorism Risk Insurance Act1s effects on the market for terrorism insurance? What would be the effect of enhancing provisions for nuclear, biological, chemical, and radiological (NBCR) attacks? The authors conclude that the program yields positive outcomes in a number of dimensions for conventional attacks and identify specific reforms that can improve results for NBCR attacks.
Book Synopsis TERRORISM RISK INSURANCE Market Challenges May Exist for Current Structure and Alternative Approaches by : U. S. Government Accountability Office
Download or read book TERRORISM RISK INSURANCE Market Challenges May Exist for Current Structure and Alternative Approaches written by U. S. Government Accountability Office and published by . This book was released on 2017-01-20 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the Terrorism Risk Insurance Act's (TRIA) current structure, insurers manage their terrorism exposure to cover their share of losses and not the federal share of losses, which may be recouped from policyholders after anevent. Specifically, insurers do not assume the risk of the federal share of potential losses and, thus, do not consider the potential federal share of losses in how they manage their terrorism risk exposure and price coverage. Many insurers include a nominal charge for terrorism risk coverage, if they charge for it at all. Most insurers manage their exposure by limiting the amount of coverage they provide in certain geographic areas. Under the current structure, in some scenarios federal losses must be recouped through premium surcharges on policyholders with TRIA-eligible insurance coverage after a certified terrorism event. However, depending on the size of the terrorism event and the aggregate premiums of affected insurers, the federal government may not be required to recoup all of its losses. To date, no terrorism events have been certified under TRIA.
