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Findings and Conclusions: Towards Sustainable Insurance of Aviation War and Terrorism Risks

  • Yaw Otu Mankata Nyampong
Chapter

Abstract

The object of this book has been to explore the central issues underlying the perennial problem of providing the air transport industry with adequate and sustainable insurance coverage for aviation war and terrorism risks. We began by describing the manner in which the conventional insurance industry has been used as the primary risk management tool for addressing the massive economic repercussions of such risks upon the air transport industry. We also made an effort to identify the fundamental reasons why conventional insurance markets covering such large catastrophic risks “fail” in the period immediately following the occurrence of an extreme insured event. We then analyzed various complementary solutions that have been advanced for the purpose of enhancing the ability of the conventional insurance industry to provide coverage for such risks as well as alternative solutions advanced and even implemented as substitutes for conventional insurance coverage. Below, we conclude by setting out some of the major findings and conclusions that were made during this research.

Keywords

Cash Flow Loss Distribution Risk Financing Probable Maximum Loss Contingent Capital 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. Andersen TJ (2005) International financing solutions to terrorism risk exposures. In: Policy issues in insurance no. 9 – terrorism risk insurance in OECD countries. Organisation for Economic Cooperation and Development (OECD), Paris, pp 149–188Google Scholar
  2. ICAO Doc. 9920 (2009) Convention on Compensation for Damage Caused to Third Parties, Resulting from Acts of Unlawful Interference involving AircraftGoogle Scholar
  3. Mutenga S, Staikouras SK (2007) The theory of catastrophe risk financing: a look at the instruments that might transform the insurance industry. Geneva Papers (Issues & Practice) 32(2):222–245CrossRefGoogle Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 2013

Authors and Affiliations

  • Yaw Otu Mankata Nyampong
    • 1
  1. 1.Faculty of LawMcGill UniversityMontrealCanada

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