Interaction between insurance law and counter-terrorism law manifests itself in the definition of terrorism and the obligations of the insurance sector under counter-terrorism law. For insurance law, defining terrorism is a pre-condition for the risk-assessment. In the risk assessment, the insurance industry usually excludes terrorism risk from insurance policies. However, they offer terrorism risk insurance with additional premiums. In insurance practice, differences in the definitions of terrorism cause discrepancies. For counter-terrorism law, the attempts to reach an internationally accepted definition of terrorism were failed due to the over-politicization. Thus, the project inquiries the possibility to reach a harmonious definition of terrorism for insurance law and counter-terrorism law.
Insurance companies have obligations under the counter-terrorism regulations when offering their services to not to undermine the fight against terrorism. The project analyzes the obligations of insurance companies under counter-terrorism law and the contribution of insurance companies to counter-terrorism efforts.
Through a combined reading of insurance and counter-terrorism laws, shortcomings in each of the fields of the law can be cured. Insurance law provides a technical understanding of terrorism, which decreases the negative effects of the over-politicization in counter-terrorism law. Counter-terrorism law provides a theoretical background for the definition of terrorism and clarification of the obligations of insurance companies in the context of counter-terrorism. Such a harmonious understanding of terrorism enhances customer protection in insurance law and the effectiveness of the financial fight against terrorism in counter-terrorism law.
There is only limited research in the intersection between insurance and counter-terrorism laws. The project fills this literature gap with intradisciplinarity by combining the two fields. Comparative legal methodology, concretely the functional comparativism, combined with expert interviews is the methodology of the project.
For this project, counter-terrorism law refers to domestic, regional and international regulations, which aims to suppress the phenomenon of terrorism financially, criminally and administratively.