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Terrorism insurance : alternative programs for protecting insurance consumers

Author: Thomas Joseph McCool; United States. General Accounting Office.
Publisher: [Washington, D.C.] : U.S. General Accounting Office, [2001]
Series: Testimony, GAO-02-199 T.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
Before September 11, insurance coverage for losses from terrorism was a normal feature of insurance contracts. The attacks on the World Trade Center and the Pentagon have changed insurers' perceptions of their risk exposure. Both insurers and reinsurers say that they do not know how much to charge for this coverage and because they cannot predict future losses, they may exclude terrorism insurance from future  Read more...
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Additional Physical Format: United States. General Accounting Office.
Terrorism insurance : alternative programs for protecting insurance consumers
22 leaves
(OCoLC)48779442
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thomas Joseph McCool; United States. General Accounting Office.
OCLC Number: 54901547
Notes: Title from title screen (viewed Apr. 1, 2004).
"For release ... October 24, 2001."
Paper version available from: General Accounting Office, 441 G St., NW, Rm. LM, Washington, D.C. 20548.
Description: 1 online resource.
Details: Mode of access: Internet from GPO Access web site. Address as of 4/1/04: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=gao & docid=f:d02199t.pdf; current access available via PURL.
Series Title: Testimony, GAO-02-199 T.
Other Titles: Alternative programs for protecting insurance consumers
Responsibility: statement of Thomas J. McCool, Managing Director, Financial Markets and Community Investment.

Abstract:

Before September 11, insurance coverage for losses from terrorism was a normal feature of insurance contracts. The attacks on the World Trade Center and the Pentagon have changed insurers' perceptions of their risk exposure. Both insurers and reinsurers say that they do not know how much to charge for this coverage and because they cannot predict future losses, they may exclude terrorism insurance from future contracts unless the federal government provides some guidance to the industry. Several insurance programs in the United States and other countries ensure that insurance will be available to cover risks that the private sector has been unable or unwilling to cover, including losses from catastrophic events and terrorism. For government insurance programs, the question of long-term cost and program funding needs to be addressed before any program is established. Some federal insurance programs have a statutory intent to provide subsidized coverage, while others are intended to be self-funding. Regardless of statutory intent, if federal insurance is underpriced relative to its long-run costs and the federal government pays the difference, a government subsidy results.

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