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Federal Reinsurance for Terrorism Risks [i] (October 2001)

handle is hein.congrec/cbo06952 and id is 1 raw text is: FEDERAL REINSURANCE FOR TERRORISM RISKS OCTOBER 2001 PREFACE This Congressional Budget Office (CBO) paper analyzes proposals for federal reinsurance of risks from terrorism. Marvin Phaup and David Torregrosa wrote the paper under the direction of Roger Hitchner. Many individuals deserve the authors' thanks. Ron Feldman of the Minneapolis Federal Reserve; Rade Musulin, Vice President of the Florida Farm Bureau Insurance Companies; and Richard Roth, a consulting actuary, reviewed earlier versions of this paper. Barry Anderson, Perry Beider, Kim Cawley, Bob Dennis, Arlene Holen, Kim Kowalewski, Debbie Lucas, Angelo Mascaro, Debbie Clay-Mendez, David Moore, and Tom Woodward, all of CBO, also commented. Amelie Cagle and Mark Puccia of Standard & Poor's and Frank Nutter and his colleagues at the Reinsurance Association of America assisted in improving the authors' understanding of the industry and the implications of September 11. John Skeen edited the paper, and Kathryn Winstead prepared the manuscript for publication. Annette Kalicki prepared the electronic copies for the CBO Web site. Dan L. Crippen Director October 2001 CONTENTS INTRODUCTION AND SUMMARY THE CHALLENGE OF TERRORISM FOR INSURANCE * The Response of Insurance Markets to Natural Catastrophes * The Effects of Reduced Insurance Coverage on the Economy GOVERNMENT-BACKED REINSURANCE PROPOSALS * The United Kingdom's Reinsurance Program * The Administration's Proposal * Avoiding the Most Significant Pitfalls of Federal Reinsurance

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