Wege zur Versicherung des Terrorrisikos

: This article analyses the economic impact of terrorism on different countries and discusses the impact of terrorism on their property insurance markets. In the aftermath of September 11, 2001 co‐operation between governments and the national insurance industries has often been necessary to ensure an adequate supply of insurance coverage. Therefore the article justifies this co‐operation as an exception to general economic principles. Furthermore, the article presents an insight on the construction of the German terrorism insurer Extremus. It discusses the characteristic elements and distinguishes Extremus from solutions in other countries. Finally, the article argues that in the future alternative risk transfer will not be a real replacement for terrorism insurance and that international co‐operation of governments to establish a world‐wide terrorism cover will be extremely difficult.