Terrorisme à grande échelle : partage de risques et politiques publiques
The terrorist attacks of September 11, 2001 against the United-States had a deep impact on both insurance/reinsurance industry world wide -as the most costly event ever- and governmental responsibilities. Because of its very specific configuration, such a tragedy made of terrorism a new source of large-scale extreme risks. From then on, and from catastrophic risk coverage's perspective, terrorism has been often compared with other extreme events like natural disasters. We show in this article that terrorism presents, however, several characteristics that limit its insurability by the maket and is actually much more complex to be managed than the natural hazards, even being catastrophic: Negative externalities of auto-protection; Dynamic uncertainty associated with the risk; Specific distribution of information on risk ; Government decisions influencing the risk of terrorism. Taking into account those singularities, the market reactions to 9/11 and considering the role of governments, several key questions arise: Who should pay for the consequences of terrorist attacks? How financing such events? Can one establish ex ante some national mechanisms of extreme risk sharing that would be based upon a necessary public-private partnership? We also discuss the provisory terrorism risk coverage schemes established in 2002 in France and the United States. This article, which is based on the most recent developments on that issue, suggests some elements for response; it presents an analysis in a field of research that has been relatively underdealt with by the French economic literature.
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