Is There a Role for Government Provision of Terrorism Reinsurance?

Topics:
Insurance
Tags:
Business Operations,
Columbia University,
Corporate Insurance,
Government,
Homeland Security,
Insurance,
Insurance Industry,
Reinsurance,
Terrorism
Source:
Columbia University

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Overview: The insurance industry has recently promoted legislation that, if enacted, would lead to a government backdrop for terrorism reinsurance. In essence, the federal government would reinsure the reinsurance companies for its terrorism losses. This paper considers four possible rationales for a government backdrop. Each rationale relies on the presence of an externality or a missing market, potentially leading to a failure of the First Fundamental Welfare Theorem. Each rationale is critically analyzed.

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Format: PDF | Size: 7KB | Date: Apr 2002 | Pages: 2

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