Leaders Come Together to Discuss Future of Terrorism Insurance June 20

May 30, 2005

Leaders from the public and private sectors from throughout the nation will take part in the National Symposium on the Future of Terrorism Risk Insurance on the campus of the University of Southern California on June 20, 2005. The symposium brings together many of the nation’s leading experts to discuss the relationship between terrorism risk, insurance, national security and public policy.

The Symposium is sponsored by the RAND Center for Terrorism Risk Management Policy, Center for Risk and Economic Analysis of Terrorism Events, University of Southern California, Wharton Risk Management and Decision Processes Center, University of Pennsylvania, US Department of Homeland Security, and The Communications Institute.

“Private insurers, and their re-insurers, may ultimately pay well in excess of $40 billion in claims resulting from the terrorist attack of September 11, 2001, making the attack by far the largest single catastrophic loss the global insurance industry has suffered in its history. ” declared Robert Reville, Co-Director of the RAND Center for Terrorism Risk Management Policy based in Santa Monica.

“In the months after September 11, another comparable attack in the short term could serious impact the public by threatening the financial stability of the insurance industry and its ability to protect public and private property.” added Randolph Hall, Ph.D., Director of the Center for Risk and Economic Analysis of Terrorism Events, University of Southern California.

The US Congress passed the 2002 Terrorism Risk Insurance Act, or TRIA. The TRIA created a three-year federal program to support the “growth and stability of the market for private insurance against losses from terrorist attacks in order to protect the public.” The program is scheduled to expire this year. A long range solution to insuring such risk is critically important and this symposium will address these and other important long term issues.

Mark Warshawsky, Assistant Secretary of Treasury, will deliver the keynote address and top researchers, corporate leaders and policymakers from throughout the nation will frame and analyze the ongoing policy debates related to the Terrorism Risk Insurance Act (TRIA), terrorism risk management and insurance.

The symposium will address:
– The Terrorism Threat: Insuring for the Future
– The Economics of Terrorism Insurance
– National Security and Terrorism Insurance
– Can Insurance Cover Weapons of Mass Destruction?
– Industry Response: How We Will Prepare for the Threat
– Insurance and the Catastrophic Loss of Human Life
– Workers’ Compensation, Life Insurance, and Victim Compensation

The conference speakers will include:

– Randolph Hall, Ph.D., Senior Associate Dean for Research, Principal Investigator/Director, CREATE, USC
– Robert T. Reville, Ph.D., Director, RAND Center for Terrorism Risk Management Policy
– Neil A. Doherty, The Wharton School, University of Pennsylvania
– Terry O’Sullivan, Postdoctoral Researcher, the USC Center for Homeland Security, CREATE
– Detlof von Winterfeldt, Ph.D., Director, Institute for Civic Enterprise, Professor and Deputy Dean, School of Policy, Planning and Development, University of Southern California
– Hemant H. Shah, President & CEO, Risk Management Solutions, Inc.
– Peter S. Lowy, Chief Executive Officer, Westfield Corporation, Inc.
– David Torregrosa, Economist, Congressional Budget Office
– Debra Ballen, Executive Vice President, American Insurance Association
– David Bellusci, Chief Actuary, California Workers’ Compensation Insurance Rating Bureau
– Lloyd Dixon, Ph.D., Senior Economist, RAND Corporation
– Scott Harrington, Ph.D., Professor of Health Care Systems, The Wharton School, University of Pennsylvania
– Michael Wermuth, Director, Homeland Security, RAND
– Brian Melas, Senior Vice President, Commercial Markets, Liberty Mutual Insurance Company

Registration for conference is available online at www.tci1.org or for more information e-mail programs@communicationsinstitute.org call (626) 796-4747. Registration fee is $75 which covers the conference, meals, and materials. The conference is also open policy makers, government, and business and media. This is also intended as educational program journalists and policy makers and their staffs as an educational program to expand their understanding of terrorism risk insurance in the nation.

Topics California Catastrophe Natural Disasters Trends Education Leadership Universities Pennsylvania Risk Management

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