Guarantee Fund for Victims of Terrorism and Other Offenses (FGTI, France)
A French public fund that fully compensates the bodily injury of victims of terrorism and certain offenses, funded by a flat levy on every property insurance contract.
The guarantee fund for victims of terrorism and other offenses was created in 1986 for victims of terrorism, then extended in 1990 to victims of certain serious criminal offenses. It fully compensates bodily injury, including non-pecuniary loss and the specific heads of damage recognized for victims of attacks, of persons killed or injured in an act of terrorism committed in France, as well as French nationals who are victims abroad. It differs from the insurance regime for property damage caused by terrorism, which property contracts must cover and which the GAREAT pool reinsures with a state guarantee: the fund repairs harm to people, insurance repairs property. Its funding relies mainly on a flat levy on every property insurance contract taken out in France, collected by insurers, which makes all policyholders the funders of national solidarity toward victims. The scheme illustrates an original French allocation of terrorism risk among private insurance, public reinsurance and a compensation fund, making France one of the countries with the most complete cover for victims.
After the November 13, 2015 attacks in Paris and Saint-Denis, the fund took charge of compensating several thousand direct victims and relatives, paying advances within weeks and then final awards after medical assessments that sometimes took several years.
Follow the research
One letter a week. First, the week's underwriting note, when one is published: a dated, argued decision, signed by Paul Bernardski. Then what the observatory published on cyber risk, political risk and insurance. No account, no tracking.
No spam, one-click unsubscribe, no data ever sold.