Challenges for Terrorism Risk Insurance in the United States
- Tags:
- Business Operations,
- Terrorist Attack,
- Terrorism,
- Risk,
- Insurance,
- Homeland Security,
- Government,
- Corporate Insurance,
- Business Security,
- University Of Pennsylvania
- Source:
- University of Pennsylvania
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Overview: The terrorist attacks on September 11, 2001, against the United States raise a fundamental question about the responsibilities of the public and private sectors in reducing the risks of terrorist attacks and in providing adequate financial protection to victims of catastrophes. In the field of risk management and insurance, terrorism presents specific challenges. First, there is the potential for extremely large losses due to changes in the nature of terrorism over the past decade. Second, insurers have a difficult time pricing terrorism insurance given the uncertainty associated with the risk. Third, the risk of future terrorist attacks depends on the terrorists' will to attack and their chosen modes.
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Format: PDF | Size: 74KB | Date: Jan 2005 | Pages: 14
