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Distribution Of Losses From Large Terrorist Attacks Under The Terrorism Risk Insurance Act
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Book Synopsis Distribution of Losses From Large Terrorist Attacks Under the Terrorism Risk Insurance Act by : Stephen J. Carroll
Download or read book Distribution of Losses From Large Terrorist Attacks Under the Terrorism Risk Insurance Act written by Stephen J. Carroll and published by Rand Corporation. This book was released on 2005-11-17 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pending expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 is the impetus for this assessment of how TRIA redistributes terrorism losses. The authors find that the role of taxpayers is expected to be minimal in all but very rare cases and that, even with TRIA in place, a high fraction of losses would go uninsured in each of the attack scenarios examined.
Book Synopsis The Federal Role in Terrorism Insurance by : Lloyd Dixon
Download or read book The Federal Role in Terrorism Insurance written by Lloyd Dixon and published by Rand Corporation. This book was released on 2007-10-23 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the Terrorism Risk Insurance Act's effects on the market for terrorism insurance? What would be the effect of enhancing provisions for nuclear, biological, chemical, and radiological (NBCR) attacks? The authors conclude that the program yields positive outcomes in a number of dimensions for conventional attacks and identify specific reforms that can improve results for NBCR attacks.
Book Synopsis Terrorism Insurance by : Yvonne D. Jones
Download or read book Terrorism Insurance written by Yvonne D. Jones and published by DIANE Publishing. This book was released on 2009-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insur. Act. (TRIA) specifies that the fed. gov¿t. assume financial responsibility for insured losses on commercial properties resulting from future terrorist attacks. While TRIA has been credited with stabilizing markets for terrorism insur. after 9/11, questions remain as to whether certain policyholders, esp. those located in large urban areas viewed as being at high risk of attack, may still face challenges in obtaining coverage. This study describes: (1) whether the availability of terrorism insurance for commercial properties is constrained in any geographic markets; (2) factors limiting insurers¿ willingness to provide coverage; and (3) advantages and disadvantages of selected public policy options to increase the availability of such insurance. Illus.
Book Synopsis The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire by : Tom LaTourrette
Download or read book The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire written by Tom LaTourrette and published by . This book was released on 2014-04 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002, in response to terrorism insurance becoming unavailable or, when offered, extremely costly in the wake of the 9/11 attacks. The law creates an incentive for a functioning private terrorism insurance market by providing a government reinsurance backstop for catastrophic terrorist attack losses. Extended first in 2005 and again in 2007, TRIA is set to expire at the end of 2014, and Congress is again considering the appropriate government role in terrorism insurance markets. This policy brief examines the potential federal spending implications of allowing TRIA to expire. Combining information on federal spending through TRIA, the influence of TRIA on the availability of terrorism insurance coverage, and the relationship between uninsured losses and federal disaster assistance spending, the authors find that, in the absence of a terrorist attack, TRIA costs taxpayers relatively little, and in the event of a terrorist attack comparable to any experienced before, it is expected to save taxpayers money.
Book Synopsis Terrorism Risk Insurance by : Baird Webel
Download or read book Terrorism Risk Insurance written by Baird Webel and published by . This book was released on 2012 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001, terrorist attacks, insurance coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if insurers offered it at all. Because insurance is required for a variety of economic transactions, it was feared that a lack of insurance against terrorism loss would have a wider economic impact. Private terrorism insurance was largely unavailable for most of 2002 and some have argued that this resulted in an adverse impact on parts of the economy. Congress responded to the disruption in the terrorism insurance market by passing the Terrorism Risk Insurance Act of 2002. TRIA created a temporary three-year Terrorism Insurance Program in which the government would share some of the losses with private insurers should a foreign terrorist attack occur. The amount of government loss sharing depends on the size of the insured loss. In general terms, for a relatively small loss, private industry covers the entire loss. For a medium-sized loss, the federal role is to spread the loss over time and over the entire insurance industry; the government assists insurers initially but then recoups the payments through a broad levy on insurers afterwards. For a large loss, the federal government would cover most of the losses, although recoupment was possible in these circumstances as well. Insurers are required to make terrorism coverage available to commercial policyholders, but TRIA does not require policyholders to purchase terrorism coverage. The prospective government share of losses has been reduced over time compared to the initial act, but the 2007 reauthorization expanded the program to cover losses stemming from acts of domestic terrorism. The TRIA program is currently slated to expire at the end of 2014.
Book Synopsis Terrorism Risk Insurance Act by : Ernie L Duke
Download or read book Terrorism Risk Insurance Act written by Ernie L Duke and published by Nova Science Publishers. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001 terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if offered at all. Because insurance is required for a variety of transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Terrorism insurance was largely unavailable for most of 2002, and some have argued that this adversely affected parts of the economy. This book evaluates the extent of available data on terrorism insurance and Treasury's efforts in determining federal exposure; changes in the terrorism insurance market since 2002; potential impacts of selected changes to the Terrorism Risk Insurance Act (TRIA).
Book Synopsis National Security Perspectives on Terrorism Risk Insurance in the United States by : Henry H. Willis
Download or read book National Security Perspectives on Terrorism Risk Insurance in the United States written by Henry H. Willis and published by . This book was released on 2014 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002, in response to terrorism insurance becoming unavailable or, when offered, extremely costly in the wake of the 9/11 attacks. The law provides a government reinsurance backstop in the case of a terrorist attack by providing mechanisms for avoiding an immediate drawdown of capital for insured losses or possibly covering the most extreme losses. Extended first in 2005 and again in 2007, TRIA is set to expire at the end of 2014, and Congress is again reconsidering the appropriate government role in terrorism insurance markets. This policy brief examines the potential national security implications of allowing TRIA to expire. Examining the history of terrorism in the United States since the passage of TRIA and reviewing counterterrorism studies, the authors find that terrorism remains a real national security threat, but one that is very difficult for insurers to model the risk of. They also find that terrorism risk insurance can contribute to making communities more resilient to terrorism events, so, to the extent that terrorism insurance is more available with TRIA than without it, renewing the legislation would contribute to improved national security.
Book Synopsis Terrorism Risk Insurance: An Overview by :
Download or read book Terrorism Risk Insurance: An Overview written by and published by . This book was released on 2005 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: After September 11, 2001, many businesses were no longer able to purchase insurance protecting against property losses that might occur in future terrorist attacks. Addressing this problem, Congress enacted the Terrorism Risk Insurance Act of 2002 (TRIA) to create a temporary program to share future insured terrorism losses with the property-casualty insurance industry and policyholders. The act requires insurers to offer terrorism insurance to their commercial policyholders, preserves state regulation of this type of insurance, and directs the Secretary of the Treasury to administer a program for sharing terrorism losses. The 3-year program that TRIA created backs up commercial property and casualty insurance, covering up to $100 billion each year after set insurer deductibles. The government pays 90% of insured losses over the deductible, with the insurer paying 10%. Concern was expressed even before the enactment of TRIA that a 3-year program would be too limited to allow the private sector to develop the capacity to insure terrorism risk. Three pieces of legislation were introduced in the 108th Congress to extend the program. One bill, H.R. 4634, was reported favorably from the House Financial Services Committee, but no floor action occurred. In the 109th, two bills have been introduced, S. 467 by Senator Christopher Dodd and H.R. 1153 by Representative Michael Capuano. In addition, a Senate hearing on TRIA is scheduled for April 14, 2005. This report provides an overview of the issues, including a summary of TRIA and the TRIA extension legislation. It will be updated as significant events occur.
Book Synopsis Compensation for Losses from the 9/11 Attacks by : Lloyd S. Dixon
Download or read book Compensation for Losses from the 9/11 Attacks written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2004 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: The terrorist attacks of September 11, 2001, caused tremendous loss of life, property, and income, and the resulting response from public and private organizations was unprecedented. This monograph examines the benefits received by those who were killed or seriously injured on 9/11 and the benefits provided to individuals and businesses in New York City that suffered losses from the attack on the World Trade Center. The authors examine the performance of the compensation system--insurance, tort, government programs, and charity--in responding to the losses stemming from 9/11.
Book Synopsis Terrorism Risk Insurance Act by : Ernie L. Duke
Download or read book Terrorism Risk Insurance Act written by Ernie L. Duke and published by Gazelle Book Services, Limited. This book was released on 2014-01-01 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001 terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if offered at all. Because insurance is required for a variety of transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Terrorism insurance was largely unavailable for most of 2002, and some have argued that this adversely affected parts of the economy. This book evaluates the extent of available data on terrorism insurance and Treasury's efforts in determining federal exposure; changes in the terrorism insurance market since 2002; potential impacts of selected changes to the Terrorism Risk Insurance Act (TRIA).
Book Synopsis Trends in Terrorism, Threats to the United States and the Future of the Terrorism Risk Insurance Act by :
Download or read book Trends in Terrorism, Threats to the United States and the Future of the Terrorism Risk Insurance Act written by and published by . This book was released on 2005 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act of 2002 (TRIA) was crafted in the aftermath of the 9/11 attacks after the insurance industry, stung by $32 billion in damage claims (by current estimates) and fearing another attack of equal magnitude, began to exclude terrorism coverage from policies. The legislation requires insurance companies to make terrorism insurance available to customers and, in return, provides federal reinsurance (a "backstop") for losses from terrorist attacks. It is intended to give insurers time to assess their exposure to terrorism risk and to consider how to price and underwrite the risk. TRIA is set to expire at the end of December 2005. TRIA embodies federal policy that a private insurance market will provide the foundation of the financial recovery from future terrorist attacks. It also recognizes that since the risk is unfamiliar to the industry, federal government assistance should, at least in the short run, be made available to support this market. In this book, we examine whether this policy and, in particular, the architecture of TRIA provide robust protection against the threat of losses from future attacks. By robust, we ask specifically whether the structure of TRIA is in line with the fundamental qualities of the risk of terrorism and with likely evolving trends in this threat. The focus of the analysis is on developments that have relevance for terrorist attacks taking place within the borders of the continental United States and the extent to which they are addressed (or not) by the TRIA framework.
Book Synopsis Terrorism Insurance by : Daniel Garcia-Diaz
Download or read book Terrorism Insurance written by Daniel Garcia-Diaz and published by . This book was released on 2014-07-22 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002 to help ensure the availability and affordability of terrorism insurance for commercial property and casualty policyholders after the September 11, 2001, terrorist attacks. TRIA was amended and extended twice and currently will expire at the end of 2014. Under TRIA, the Treasury Department (Treasury) administers a program in which the federal government and private sector share losses on commercial property and casualty policies resulting from a terrorist attack. Because the federal government will cover a portion of insured losses, the program creates fiscal exposures for the government. This report evaluates (1) the extent of available data on terrorism insurance and Treasury's efforts in determining federal exposure; (2) changes in the terrorism insurance market since 2002; and (3) potential impacts of selected changes to TRIA. Tables and figures. This is a print on demand report.
Book Synopsis The Federal Role in Terrorism Insurance. Evaluating Alternatives in an Uncertain World by :
Download or read book The Federal Role in Terrorism Insurance. Evaluating Alternatives in an Uncertain World written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerned that the unavailability of terrorism insurance would impede economic recovery and hinder growth after the 9/11 attacks, Congress passed the Terrorism Risk Insurance Act of 2002 "TRIA". TRIA will sunset at the end of 2007 unless Congress takes further action. This book examines the implications of allowing TRIA to expire and of enhancements aimed at improving the availability and affordability of insurance for nuclear, biological, chemical, and radiological "NBCR" attacks. The analysis takes a systematic approach to addressing the deep uncertainties that underlie the market for terrorism insurance and is the first study of TRIA to consider not just taxpayer payments through the program but also the cost of government compensation and assistance following a terrorist attack when analyzing the program's effect on government spending. The authors conclude that taxpayer cost is lower with TRIA than without TRIA across a broad range of assumptions about attack frequency and the proportion of uninsured losses that are compensated postattack. The analysis also cautions policymakers to be careful when modifying the program to better address NBCR attacks: Simply expanding the program to require insurers to offer NBCR coverage may not achieve the desired outcomes. The authors identify program changes that will produce positive results for both NBCR and conventional attacks that are robust to key underlying uncertainties.
Download or read book Trends in Terrorism written by and published by . This book was released on 2005 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act (TRIA) requires insurers to offer commercial insurance that will pay on claims that occur from a terrorist attack, and for losses on the scale of 9/11, TRIA provides a "backstop" in the form of free reinsurance. The authors describe the evolving terrorist threat with the goal of comparing the underlying risk of attack to the architecture of financial protection that has been facilitated by TRIA.
Book Synopsis Terrorism Risk Insurance, Market Challenges May Exist for Current Structure and Alternative Approaches by : United States. Government Accountability Office
Download or read book Terrorism Risk Insurance, Market Challenges May Exist for Current Structure and Alternative Approaches written by United States. Government Accountability Office and published by . This book was released on 2017 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: "After the terrorist attacks of September 11, 2001, insurers generally stopped covering terrorism risk because losses could be too high relative to the premiums they could charge. Congress enacted TRIA to share losses from a certified act of terrorism between insurers and the government, address market disruptions, and help ensure widespread availability and affordability of terrorism coverage. TRIA does not include an up-front federal charge for the government's share of potential losses. The act mandates that, when private industry's losses are below a certain amount, the federal government recoups some or all of the federal share of losses through policyholder surcharges. The Terrorism Risk Insurance Program Reauthorization Act of 2015 includes a provision for GAO to review alternative funding approaches for TRIA. Among other things, this report examines (1) how insurers manage their terrorism exposure and federal recoupment of losses, (2) how alternative funding approaches could be designed and implemented, and (3) the potential effects of these approaches as well as the current structure. To assess these funding approaches, GAO reviewed related studies, analyzed several terrorism loss scenarios for each funding approach to estimate potential effects on market participants, and interviewed industry participants"--Preliminary page.
Book Synopsis Terrorism Insurance by : Miguel H. Palacios
Download or read book Terrorism Insurance written by Miguel H. Palacios and published by Nova Science Publishers. This book was released on 2009 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues and Options for Government Intervention in the Market for Terrorism Insurance by :
Download or read book Issues and Options for Government Intervention in the Market for Terrorism Insurance written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The threat of terrorism poses a challenge for the U.S. insurance system: How can the system best insure against potential losses and compensate victims of attacks? Following the 9/11 attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In return, TRIA guarantees that the public (i.e., the government) will reimburse insurers for 90 percent of losses from terrorism above certain thresholds. TRIA was intended to bolster the insurance industry against catastrophic payouts while the industry developed strategies and mechanisms to cope with the threat of terrorism. TRIA expires on December 31, 2005, but insurance policies (which typically last one year) will soon begin to be written that will expire after TRIA does. This paper has a dual purpose: to help frame the central issues that should be considered in the debate over whether to extend, modify, or end TRIA, and to explore the broader issue of the appropriate role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. The paper also discusses options that policymakers might consider in addressing these issues and goals against which various options can be evaluated. Although this paper focuses on insurance, it is important to note that insurance is only one part of an overall system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. Direct government compensation, the tort system, and charities can also play a role in this system.
