Wer trägt das Terrorrisiko?

This article deals with insuring terrorism risks and it focuses on the situation in Germany after the events of September 11^th 2001. After a brief introduction to the general problems of insuring against terrorism the authors explore how terrorism affects different lines of insurance business in Germany and examine Extremus, the German specialist insurer with government backing for insuring property risks against terrorism. A thorough analysis of different aspects of risk transfer follows. This analysis also addresses different pricing strategies for insuring against terrorism. In this section the authors focus on the question to what extend one can really speak of a risk transfer through insurance in respect to terrorism. Scenarios are developed of how large losses would affect the insurance industry as well as the customers. In regard to those scenarios it becomes visible that the risk transfer from the policyholder to the insurer is not complete.In their conclusion the authors examine some scenarios of increased and decreased terrorist activity and the effects that each of these scenarios will have on the solution of insuring against terrorism through Extremus.