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How Do You Manage Terrorism Risk?

Mash Risk Television

Deloitte LLP
Howard Mills, Director & Chief Advisor

Runtime: 5:48

Key Takeaways:

Mills is Director and Chief Advisor of the Insurance Industry Group at Deloitte LLP.

  1. Assessing terrorism risk is hampered by:
    • Sporadic data points
    • Unknown and unknowable targets
    • The limits of modeling
  2. Terrorism risk planning and mitigation efforts should be primarily focused on response and recovery rather than prevention.
  3. Some 60% of firms with Total Insured Value between $500 million and $1 billion buy terror coverage [Source: 2006 Marsh Marketwatch Report].
  4. Insurance losses attributable to terrorist acts under commercial policies are insured by private insurers and reinsured or “backstopped” by the federal government pursuant to the Terrorism Risk and Insurance Act of 2002 (TRIA).

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