Terrorism risk coverage in the post-9/11 era: A comparison of new public-private partnerships in France, Germany and the U.S

Geneva Papers on Risk and Insurance: Issues and Practice

Volumn 30, Issue 1, 2005, Pages 144-170

  Michel Kerjan, Erwann ^a,b   Pedell, Burkhard ^c  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b ECOLE POLYTECHNIQUE   (France)

^c Munich School of Management   (Germany)

Author keywords

Extreme events; National security; Public private partnerships; Risk pricing; Risk sharing; Terrorism

Indexed keywords

EID: 18944368802     PISSN: 10185895     EISSN: None     Source Type: Journal    
DOI: 10.1057/palgrave.gpp.2510009     Document Type: Review

References (54)

1. Aon Re Worldwide (2003) Terrorism insurance and reinsurance solutions: a revolution in Europe'. Available at www.aon.com.
2. Brown, J.R., Cummins, J.D., Lewis, C. and Wei, R. (2004) An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance, presented at NBER Insurance Group Workshop, February, Cambridge, MA.
3. Brown, J., Kroszner, R. and Jenn, B. (2002) Federal terrorism insurance, NBER working paper 9271, Cambridge, MA, October 2002.
4. Buchanan, J. (1975) 'The Samaritan's dilemma', in E. Phelps (ed.) Altruism, Morality and Economic Theory, New York: Russell Sage Foundation.
5. Council of Insurance Agents and Brokers (2003) Commercial Market Index Survey, News Release, July 22.
6. Cummins, J.D. and Doherty, N. (2002) Federal Terrorism Reinsurance: An Analysis of Issues and Program Design Alternatives, paper presented at the NBER Insurance Project Workshop, Cambridge, MA, Feb. 1.
7. De Mey, J. (2003) 'The aftermath of September 11: The impact on and systemic risk to the insurance industry', Geneva Papers and Risk and Insurance - Issues and Practices 28(1): 65-70.
8. Dubois, J. (2004) Oversight of the Terrorism Risk Insurance Program, Testimony of the Chairman and CEO of Swiss Re America Holding on behalf of Swiss Re before the U.S. Senate Committee on Banking, Housing and Urban Affairs, May 18.
9. Doherty, N. (2000) Integrated Risk Management: Techniques and Strategies for Reducing Risks, New York: McGraw-Hill.
10. Extremus Versicherungs-AG (2004) Press Release March 24, 2004.
11. Extremus Versicherungs-AG (2003) Kurzdarstellung der Gesellschaft und Deckung, Cologne.
12. Frankfurter Allgemeine Zeitung (2004) March 25, 2004, p. 19.
13. Frankfurter Allgemeine Zeitung (2003) April 1st 2003, p. 16.
14. GAREAT (2004) The French Terrorism Reinsurance Pool, Internal Communication Presentation.
15. Gas, B. and Thomann, C. (2003) 'Wer trägt das Terrorrisiko? Zeitschrift für die gesamte Versicher-ungswissenschaft 92: 697-723.
16. Godard, O., Henry, C., Lagadec, P. and Michel-Kerjan, E. (2002) Treatise on New Risks, Precaution, Crisis Management and Insurance, Paris: Editions Gallimard, Folio-Actuel, Inédit 100, p. 620.
17. Gron, A. and Sykes, A. (2002) 'Terrorism and insurance markets: a role for the government as insurer?', Regulation Winter 2002-2003: 44-51.
18. Hale, D. (2002) 'America uncovered', Financial Times September 12.
19. Hartwig, R. (2004) The fate of TRIA: Is terrorism an insurance risk?, Insurance Information Institute, New York, NY.
20. Hsu, S. (2003) D.C. Disputes Insurance Study Raising Rates for Terrorism, Washington Post January 7, page A01.
21. Hubbard, G. and Deal, B. (2004) 'The economic effects of federal participation in terrorism risk', Analysis Group September 14.
22. Jaffee, D. and Russel, T. (2003) 'Markets under stress: The case of extreme event insurance', in Arnott, Greenwald, Kanbur and Nalebuff (eds) Economics for an Imperfect World: Essays in Honor of Joseph Stiglitz, Cambridge, MA: MIT Press.
23. Kaye Insurance Associates (2003) Middle Market Survey, October 2003, New York.
24. Kunreuther, H. and Michel-Kerjan, E. (in press) 'PolicyWatch: Challenges for Terrorism Risk Insurance in the United States', Journal of Economic Perspectives.
25. Kunreuther, H. and Michel-Kerjan, E. (forthcoming) Insurability of (Mega)-Terrorism. Challenges and Perspectives Report for the OECD Task Force on Terrorism Insurance, Organization for Economic Cooperation and Development, Paris.
26. Kunreuther, H., Michel-Kerjan, E. and Porter, B. (in press) 'Extending catastrophe modeling to terrorism and other extreme events', in P. Grossi and H. Kunreuther (eds) with C. Patel, Catastrophe Modeling: A New Approach to Managing Risk, Boston: Kluwer Academic Publisher.
27. Kunreuther, H. and Heal, G. (2003) 'Interdependent security', Journal of Risk and Uncertainty 26(2/3): 231-249.
28. Kunreuther, H., Michel-Kerjan, E. and Porter, B. (2003) 'Assessing, Managing and Financing Extreme Events: Dealing with Terrorism' US National Bureau of Economic Research, Working paper 10179, December NBER, Cambridge, MA.
29. Kunreuther, H. (1996) 'Mitigating disaster losses through insurance', Journal of Risk and Uncertainty 12: 171-187.
30. Lane, M. (ed) (2002) Alternative Risk Strategies, London: Risk Books, Haymarket House, May 2002.
31. Lelain, P., Bonturi, M. and Koen, V. (2002) The economic consequences of terrorism OECD Working paper 334 Department of Economics, OECD: Paris.
32. Liedtke, P. and Courbage, C. (eds) (2002) Insurance and September 11 One Year After. Impact, Lessons and Unsolved Issues, Geneva: The International Association for the Study of Insurance Economics.
33. MacDonald, J. (2004) 'Terrorism, insurance, and TRIA: Are we asking the right questions? The John Liner Review 18(2): 87-96.
34. Marsh Inc. (2004) Marketwatch: Property Terrorism Insurance. Update-2nd Quarter 2004 August 2004.
35. Marsh Inc. (2004) Marketwatch: Property Terrorism Insurance, April 2004.
36. Michel-Kerjan, E. (2003a) 'Aux Etats-Unis, la menace terroriste reste dans tous les esprits', Interview for the French Newspaper Le Monde June 11.
37. Michel-Kerjan, E. (2003b) 'Large-scale terrorism: Risk sharing and public policy', Revue d'Economic Politique 113(5): 625-648.
38. Morgan, S. (2004) Assessing Insurer's Terrorism Risk, Equity Research, Insurance - Property and Casualty, March 19.
39. National Commission on Terrorist Attacks Upon the United States (2004) The 9/11 Commission Report, Washington, DC, July.
40. Nell, M. and Richter, A. (2004) 'Improving Risk Allocation through indexed cat bonds', The Geneva Papers on Risk and Insurance - Issues and Practices 29(2): 183-201.
41. Partner Re (2004) Terrorism Insurance Available onwww.partnerre.com May 2004.
42. Pillar, P. (2001) Terrorism and U.S. Foreign Policy, Washington, DC: Brookings Institution Press.
43. Richter, A. (2004) 'Moderne Finanzinstrumente im Rahmen des Katastrophen-Risk-Managements: Basisrisiko versus Ausfallrisiko', Zeilschrift für betriebswirtschaftliche Forschung 56(2): 99-121.
44. Russell, T. (2003) The Costs and Benefits of the Terrorism Risk Insurance Act: A First Look, paper presented at the NBER Insurance Group workshop, January 30, NBER, Cambridge, MA.
45. Sandler, T. and Enders, W. (2004) 'An economic perspective of transnational terrorism', European Journal of Political Economy. 20(2): 301-316.
46. Smelters, K. (2004) Insuring against Terrorism: The Policy Challenge, paper presented at the joint Brookings-Wharton Conference on Financial Services, January 8-9, Brookings Institution, Washington, DC.
47. Swiss Re (2004) Insurance-Linked Securities Quarterly, New York: Swiss Re Capital Markets Corporation, January.
48. Towers, P. (2004) Workers' Compensation Terrorism Reinsurance Pool Feasibility Study March.
49. Treaster, J. (2003) 'Insurance for terrorism still a rarity', New York Times March 8.
50. U.S. General Accounting Office (GAO) (2003) Catastrophe Insurance Risks. Status of Efforts to Securitize Natural Catastrophe and Terrorism Risk, GAO-03-1033, Washington, DC, September 24.
51. U.S. General Accounting Office (GAO) (2002) Terrorism Insurance: Rising Uninsured Exposure to Attacks Heightens Potential Economic Vulnerabilities Testimony of Richard J. Hillman Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, House of Representatives, February 27.
52. U.S. General Accounting Office (GAO) (2001) Terrorism Insurance: Alternative Programs for Protecting Insurance Consumers, Testimony of Thomas McCool Before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, October 24.
53. White House (2002) National Strategy for Homeland Security, Washington, DC, July 2002.
54. Woo, G. (2004) A Catastrophe Bond Niche: Multiple Event Risk, Paper presented at the NBER Insurance Group Workshop, Cambridge, MA, February 7.