Policy Issues in Insurance Financial Management of by OECD Organisation for Economic Co-operation and Develop

By OECD Organisation for Economic Co-operation and Develop

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Policy Issues in Insurance Financial Management of Large-Scale Catastrophes (Policy Issues in Insurance)

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The relevant legislation overrides terrorism exclusion clauses in eligible insurance contracts and eligible terrorism risks can be reinsured with ARPC6. A definition of ‘terrorist act’ for the purpose of this scheme together with the process to determine when an event is a ‘terrorist act’ is set out in Section 6 of the Terrorism Insurance Act. The legislation requires a declaration from the Treasurer, following consultation with the Attorney General, that an act was a ‘terrorist act’ for the purpose of the scheme.

This is certainly the case for institutional arrangements aimed at covering man-made losses due to terrorist acts, where institutional FINANCIAL MANAGEMENT OF LARGE-SCALE CATASTROPHES – ISBN-978-92-64-04078-6 – © OECD 2008 31 arrangements are, with the exception of the Spanish Consorcio, almost invariably temporary. Some countries have set a terminal date for such schemes, such as France, Germany, the Netherlands and the United States. In Australia and in the United Kingdom no terminal date has been set, but government programs are subject to periodic assessment and revision.

Earthquake, flood, storm, landslide and ground subsidence) and terrorism risks respectively. In Iceland, insurance coverage is mandatory for earthquake, volcanic eruption, snow avalanches, landslides and floods. In Japan the coordination scheme covers earthquakes, volcanic eruptions and resulting tsunami. The Mexican FONDEN covers geological risks (earthquake; volcanic eruption; avalanche; tidal wave; landslide), hydro meteorological risks (atypical drought; cyclone; extreme rains; snowfall and hailstorm; atypical floods; tornado) and forest fires.

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