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Federal Terrorism Risk Insurance

Author

Listed:
  • Brown, Jeffrey R.
  • Kroszner, Randall S.
  • Jenn, Brian H.

Abstract

In the aftermath of the terrorist attacks of September 11, 2001, an important public policy question arose as to whether, and how, the federal government should intervene to provide a temporary backstop for property/casualty terrorism risk insurance. This paper examines several economic justifications for intervention and the rationale behind the Administration’s proposal for a temporary and limited government program.

Suggested Citation

  • Brown, Jeffrey R. & Kroszner, Randall S. & Jenn, Brian H., 2002. "Federal Terrorism Risk Insurance," National Tax Journal, National Tax Association;National Tax Journal, vol. 55(3), pages 647-657, September.
  • Handle: RePEc:ntj:journl:v:55:y:2002:i:3:p:647-57
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    References listed on IDEAS

    as
    1. Dwight M. Jaffee & Thomas Russell, 1996. "Catastrophe Insurance, Capital Markets and Uninsurable Risks," Center for Financial Institutions Working Papers 96-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
    2. Asli Demirguc-Kunt & Edward J. Kane, 2002. "Deposit Insurance Around the Globe: Where Does It Work?," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 175-195, Spring.
    3. Randall S. Kroszner, 1998. "On the political economy of banking and financial regulatory reform in emerging markets," Proceedings 605, Federal Reserve Bank of Chicago.
    4. Kenneth A. Froot, 1997. "The Limited Financing of Catastrophe Risk: An Overview," NBER Working Papers 6025, National Bureau of Economic Research, Inc.
    5. Paul Kleindorfer & Howard Kunreuther, 1999. "Challenges Facing the Insurance Industry in Managing Catastrophic Risks," NBER Chapters,in: The Financing of Catastrophe Risk, pages 149-194 National Bureau of Economic Research, Inc.
    6. Howard Kunreuther & Geoffrey Heal, 2002. "Interdependent Security: The Case of Identical Agents," NBER Working Papers 8871, National Bureau of Economic Research, Inc.
    7. Federico Sturzenegger & Mariano Tommasi (ed.), 1998. "The Political Economy of Reform," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262194007, January.
    8. Kenneth A. Froot, 1999. "The Evolving Market for Catastrophic Event Risk," NBER Working Papers 7287, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Friedrich Schneider & Tilman Brück & Daniel Meierrieks, 2010. "The Economics of Terrorism and Counter-Terrorism: A Survey (Part I)," Discussion Papers of DIW Berlin 1049, DIW Berlin, German Institute for Economic Research.
    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. Barker, David, 2003. "Terrorism insurance subsidies and social welfare," Journal of Urban Economics, Elsevier, vol. 54(2), pages 328-338, September.
    4. Raj Chetty & Amy Finkelstein, 2012. "Social Insurance: Connecting Theory to Data," NBER Working Papers 18433, National Bureau of Economic Research, Inc.
    5. Amegashie, J.A. & Kutsoati, E., 2003. "Optimal Terror Alerts Under Asymmetric Information," Working Papers 2003-6, University of Guelph, Department of Economics and Finance.
    6. repec:hrv:faseco:34330197 is not listed on IDEAS
    7. 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.
    8. Andrés Solimano, 2003. "Prevention and Insurance of Conflict and Terrorism: Issues and Evidence for Latin America," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 617-625.
    9. Lakdawalla, Darius & Zanjani, George, 2005. "Insurance, self-protection, and the economics of terrorism," Journal of Public Economics, Elsevier, vol. 89(9-10), pages 1891-1905, September.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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