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Terrorism Risk Coverage in the Post-9/11 Era: A Comparison of New Public–Private Partnerships in France, Germany and the U.S.*

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Author Info

  • Erwann Michel-Kerjan

    ()
    ([1] Center for Risk Management and Decision Processes and OPIM Department – The Wharton School, University of Pennsylvania, Jon M. Huntsman Hall, Ste 500, 3730 Walnut Street, Philadelphia, PA 19104, U.S.A. [2] Ecole Polytechnique, Laboratoire d'Econométrie, Paris, France)

  • Burkhard Pedell

    ()
    (Munich School of Management, Institute for Production Management and Management Accounting, Ludwigstr. 28, 80539 Munich, Germany.)

Abstract

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, risk mutualization, current level of terrorism insurance demand and the government exit strategy. In particular, significant differences of prices and degree of market penetration in the three countries have been observed and we discuss some factors that could contribute to this. Recent changes in the nature of international terrorism worldwide indicate that these issues will remain in our future. Hence, we think that government and industry would at the very least benefit from better understanding of how others operate abroad. The Geneva Papers (2005) 30, 144–170. doi:10.1057/palgrave.gpp.2510009

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

Volume (Year): 30 (2005)
Issue (Month): 1 (January)
Pages: 144-170

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Handle: RePEc:pal:gpprii:v:30:y:2005:i:1:p:144-170

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Cited by:
  1. Erwann Michel-Kerjan & Burkhard Pedell, 2007. "How Does the Corporate World Cope with Mega-Terrorism? Puzzling Evidence from Terrorism Insurance Markets," Working Papers hal-00243051, HAL.
  2. Erwann Michel-Kerjan & Paul A. Raschky & Howard C. Kunreuther, 2009. "Corporate Demand for Insurance: An Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2009-10, Faculty of Economics and Statistics, University of Innsbruck.
  3. Howard Kunreuther & Erwann Michel-Kerjan & Beverly Porter, 2003. "Assessing, Managing, and Financing Extreme Events: Dealing with Terrorism," NBER Working Papers 10179, National Bureau of Economic Research, Inc.
  4. Howard Kunreuther & Erwann Michel-Kerjan, 2004. "Policy Watch: Challenges for Terrorism Risk Insurance in the United States," NBER Working Papers 10870, National Bureau of Economic Research, Inc.
  5. Bruno Gas, 2005. "Wege zur Versicherung des Terrorrisikos," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 6(4), pages 471-498, November.
  6. Thomann, Christian & Pascalau, Razvan & Schulenburg, J.-Matthias Graf von der & Gas, Bruno, 2007. "Corporate Management of Highly Dynamic Risks: The Case of Terrorism Insurance in Germany," MPRA Paper 7221, University Library of Munich, Germany.
  7. Thomann, Christian & Schulenburg, J.-Matthias, 2006. "Supply and Demand for Terrorism Insurance: Lessons from Germany," Hannover Economic Papers (HEP), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-340, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  8. Erwann Michel-Kerjan, 2004. "Terrorisme à grande échelle : partage de risques et politiques publiques," Working Papers hal-00242918, HAL.
  9. Howard C. Kunreuther & Erwann O. Michel-Kerjan, 2007. "Evaluating The Effectiveness of Terrorism Risk Financing Solutions," NBER Working Papers 13359, National Bureau of Economic Research, Inc.

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