DO INSURANCE
COMPANIES COVER THE CONSEQUENCES OF TERRORIST ACTS?
After the sad events that took place in Paris
last November 13, there are many who wonder if insurance will cover the expenses caused by the terrorist acts. In
situations like these there is that regret multitude of damage personal and
materials.
Who takes care of medical expenses and, if
necessary, repatriation of wounded or deceased? Do all material damage cover insurance? Does the coverage of death
by any cause of life insurance include
terrorist acts? We addressed these and other questions here.
LIFE INSURANCE AND TERRORISM: COVERAGE OF DEATH BY
ANY CAUSE
In theory, any cause is that, any cause.
However, as life insurance is
concerned, any reason is a somewhat narrower concept. This does not mean those
who have contracted life insurance do
not have coverage in terrorist attack. In this case, compensation is
responsible the Consorcio de Compensación de Seguros.
As they reported in Belt.es in July 2005, the
massive terrorist attacks who had suffered in Europe and North America gave
rise to the transformation of the insurance
industry worldwide. In Spain, given the magnitude of the tragedy and the
magnitude of the terrorist threat the international reinsurance companies
decided to refuse to continue to assume the life insurance in the event of a terrorist attack in Spain after the
attack of 11 March 2004 in Madrid. And without international reinsurance, the
cost is so high for national companies that the private insurance sector requested the Government not continue to assume
these policies.
The Ministry of finance accepted and since 2006
the coverage of such risks is the responsibility of the Consorcio de
Compensación de Seguros.
CONSEQUENCES OF TERRORIST ACTS AND OTHER INSURANCE
As you can read on the page of the Consorcio de
Compensación de Seguros, in the section 'Covered risks', paragraph b, covered
damage violently as a result of terrorism, rebellion, sedition, mutiny and
popular tumult.
Moreover, with the entry into force of law
29/2011 September 22, recognition and Integral Protection of the victims of the
terrorism, is the Administration who faces the damage and injuries suffered by
victims for terrorist acts, being the Ministry of the Interior who must deal
with complaints. This law aims to redress to victims through compensation and
aid for personal or material damages that have been able to suffer.
MEDICAL CARE, REPATRIATION AND TERRORISM
In Spain, the victims urgent care, done through
the national health system and, according to the law 29/2011 cited above,
regulate the financial aid in prostheses, surgical operations and medical
expenses in the amounts that are not covered by welfare systems that have
victims.
Outside of Spain, each country has its own
system, so what is good always travel with insurance
to cover medical care in the country to which you travel, and if it is a
country of the European Community, remember to obtain the European health insurance card.
Repatriation coverage can enroll in life insurance, health insurance, travel insurance
and death insurance. In addition,
you can hire a repatriation insurance.
But, what if you don't have this coverage contracted in any of your insurance and suffer the consequences of
a terrorist act? In general, the Government takes charge of the repatriation in
extreme cases, such as terrorist acts.
SPECIAL INSURANCE
COMPANIES AND THE INSURANCE FOR
TERRORISM
As a result of the aforementioned attacks in
Paris, the German insurance company
Allianz announced it expects an increase in demand for insurance for terrorism, as it took place after the attacks of
September 11, 2001 in New York.
Allianz, which has qualified limited the
financial damage that will have for the German insurer Paris bombings. This is
due to that damage from terrorism in France are covered by the reinsurer
Gareat, as in Germany by the special insurance
company Extremus, which was created by German insurers since the attacks of
September 11, 2001 in New York to ensure damage by terrorism in Germany, and
she also participates Allianz, which covers claims up to 2,500 million euros ,
amount that should be insufficient would increase to 7,500 million euros
As reported by the German insurer, from the
Arab spring there is a growing interest in these special insurance, Allianz offers from May to other countries that are not
Germany and France through a policy of industrial insurer Allianz AGCS.
