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Wege zur Versicherung des Terrorrisikos

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  • Bruno Gas

Abstract

This article analyses the economic impact of terrorism on different countries and discusses the impact of terrorism on their property insurance markets. In the aftermath of September 11, 2001 co‐operation between governments and the national insurance industries has often been necessary to ensure an adequate supply of insurance coverage. Therefore the article justifies this co‐operation as an exception to general economic principles. Furthermore, the article presents an insight on the construction of the German terrorism insurer Extremus. It discusses the characteristic elements and distinguishes Extremus from solutions in other countries. Finally, the article argues that in the future alternative risk transfer will not be a real replacement for terrorism insurance and that international co‐operation of governments to establish a world‐wide terrorism cover will be extremely difficult.

Suggested Citation

  • Bruno Gas, 2005. "Wege zur Versicherung des Terrorrisikos," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(4), pages 471-498, November.
    • Handle: RePEc:bla:perwir:v:6:y:2005:i:4:p:471-498
    DOI: 10.1111/j.1465-6493.2005.00192.x
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    References listed on IDEAS

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    1. 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.
    2. Brown, Jeffrey R. & Cummins, J. David & Lewis, Christopher M. & Wei, Ran, 2004. "An empirical analysis of the economic impact of federal terrorism reinsurance," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 861-898, July.
    3. Walter T Karten, 1997. "How to Expand the Limits of Insurability*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 22(4), pages 515-522, October.
    4. Todd Sandler, 2003. "Collective Action and Transnational Terrorism," The World Economy, Wiley Blackwell, vol. 26(6), pages 779-802, June.
    5. Eckstein, Zvi & Tsiddon, Daniel, 2004. "Macroeconomic consequences of terror: theory and the case of Israel," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 971-1002, July.
    6. Erwann Michel-Kerjan & Burkhard Pedell, 2005. "Terrorism Risk Coverage in the Post-9/11 Era: A Comparison of New Public–Private Partnerships in France, Germany and the U.S.*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 30(1), pages 144-170, January.
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    Cited by:

    1. Nguyen, Tristan, 2006. "Ist die staatliche Risikoübernahme bei Terrorismusrisiken mit dem europäischen Wettbewerbsrecht vereinbar?," German Risk and Insurance Review (GRIR), University of Cologne, Department of Risk Management and Insurance, vol. 2(1), pages 1-29.
    2. Hirsch, Bernhard & Nell, Martin, 2007. "Anreizkompatibilität von Entschädigungssystemen für Kosten und Verluste aus Tierseuchenausbrüchen in der Europäischen Union," Working Papers on Risk and Insurance 21, University of Hamburg, Institute for Risk and Insurance.

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