Responding to WMD Terrorism Threats: The Role of Insurance Markets
Responding to WMD Terrorism Threats: The Role of Insurance Markets
This chapter analyzes the issues arising in the provision of insurance against WMD terrorist attacks and evaluates alternative solutions for the United States. The chapter is organized as follows. Section 9.1 summarizes the basic principles of insurance and the benefits it provides in the context of WMD terrorist attacks. It also surveys the reasons why so few private insurance markets currently operate to provide coverage against catastrophic risks, including WMD terrorist attacks. Section 9.2 describes the range of governmental solutions that have been tried or are currently proposed for insuring terrorism risks. Section 9.3 analyzes the issues and recommends strategies for providing viable WMD terrorism insurance for individuals and firms.
Keywords: terrorist attack, insurance costs, terrorism insurance, terrorism risk
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