TITLE

Governments providing terror coverage backstops

AUTHOR(S)
Veysey, Sarah
PUB. DATE
June 2003
SOURCE
Business Insurance;6/9/2003, Vol. 37 Issue 23, p20
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Continuing concerns about terrorism, sparked by recent terrorist activity and the conflict in Iraq, have kept the need to mitigate terrorism risks high on the agenda of risk managers across the globe. And in several countries, governments and insurer groups have responded to buyers' fears about an inability to obtain terrorism insurance by providing new coverage backstops or by broadening the scope of existing terrorism pools. In addition to the U.S. government's creation of a federal backstop for terrorism risks, terrorism coverage facilities have been established in Germany, Austria and France, while Australia's federal government is exploring the creation of a coverage program. Austrian insurance association, Verband des Versicherungsunternehmen Osterreichs, in 2002 announced its plans to establish an insurance and reinsurance pool to provide property coverage-including business interruption-for terrorism risks. In France, where the government has long provided a backstop for coverage of natural catastrophes through Caisse Centrale de Reassurance, a company was formed in 2001 to cover terrorism losses. In Spain, where the Basque separatist organization the Euskadi Ta Askatasuna has committed numerous acts of terrorism since the 1960s, the insurance pool Consorcio de Compensacion de Seguros covers terrorism risks.
ACCESSION #
10088043

 

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