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Extra resources for Catastrophic Risks And Insurance (Policy Issues in Insurance)

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Many insurers in various markets are now providing increased capacity for terrorism risks within their general property covers, although coverage remains much more restricted than pre-WTC. The market for stand alone terrorism cover, which was pioneered by Lloyd’s and a few large US and Bermudian insurers, has become cheaper as more capacity and competition has entered the market. While exceptional risks like the Olympics are priced at a substantial premium to the norm, the problem of identifying an appropriate base level for more typical terrorism exposures has raised concerns on pricing, with some analysts highlighting the lack of historical data on which to price such exposures.

Many lie close to large cities and a few in the surrounding areas of metropolises like Paris, Tokyo, New York or Los Angeles. What becomes particularly clear here is, on the one hand, the limits of disaster plans: evacuation cannot be carried out either as a practice drill or in an emergency. On the other hand, the underinsurance of the obligatory nuclear pools is notorious, their capacity barely exceeding that of the open liability insurance market for other major industrial risks. This is all the more disturbing in view of the fact that September 11 brought to light risks that had evidently been given little previous consideration.

Notes 50 1. Marketwatch: Property Terrorism Insurance 2004, Marsh, May 2004. 2. The Impact of Catastrophes on Workers Compensation, Life and Health Insurance, RMS. 3. Workers’ Compensation Terrorism Reinsurance Pool Feasibility Study, Tillinghast, February 2004. 4. Risk & Insurance, Today’s 10 Greatest Risks, April 15 20044. 5. For more information on EXPECT please visit WWW. Com or contact Benfield ReMetrics Software Team on +44 207 578 7425. CATASTROPHIC RISKS AND INSURANCE – ISBN 92-64-00994-9 – © OECD 2005 PART I Chapter 4 Insurance of Atmospheric Perils – Challenges Ahead by Peter Zimmerli* Swiss Re The (re)insurance of damage caused by weather related risks has a long history and is well established in all mature insurance markets.

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