Terrorism Risk: A Reemergent Threat - 2011
Video Introduction to the White Paper - Dr. Robert Hartwig
This updated paper notes that in the countdown to the 10-year anniversary of September 11 the threat of terrorism continues to evolve. Recent incidents such as the January 24, 2011 suicide bombing at Moscow’s Domodevo airport, last year’s attempted car bomb attack in New York City’s Times Square and the thwarted plan by Najibullah Zazi to bomb the New York subway system are propelling terrorism into the headlines once more. Unrest in more than a dozen countries across the Middle East and North Africa, triggered by an uprising in Tunisia that began in December 2010, has also increased political and social tensions in a potentially volatile region in recent months. The paper includes sections focusing on how insurers treat terrorism risk today; estimating potential terrorism losses; the nuclear, biological, chemical and radiological (NBCR) threat; aviation insurance for terrorism risks; and liability issues. The report also provides an explanation of the structure and coverages of the Terrorism Risk Insurance Act of 2002 (TRIA), which was extended through December 2014 under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA).
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