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National Security Perspectives On Terrorism Risk Insurance In The United States
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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.
Download or read book Policy Watch written by Howard Kunreuther and published by . This book was released on 2012 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program that provides up to $100 billion commercial coverage with a specific but temporary risk-sharing arrangement between the federal government and insurers. TRIA's three-year term ends December 31, 2005, so Congress soon has to determine whether it should be renewed, whether an alternative terrorism insurance program should be substituted for it, or whether insurance coverage is left solely in the hands of the private sector. As input into this process, the paper examines several alternatives and scenarios, and discusses their potential to create a sustainable terrorism insurance program in the Unites States.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977579553 Total Pages :54 pages Book Rating :4.5/5 (795 download)
Book Synopsis Terrorism Risk Insurance by : United States Government Accountability Office
Download or read book Terrorism Risk Insurance written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-23 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: number of countries have established national terrorism risk insurance programs to respond to market shortages for such insurance resulting from attacks either in their own or other countries. Many programs were created following the events of September 11, 2001, but some existed earlier. In 2002, the Terrorism Risk Insurance Act established a program to ensure the availability of terrorism risk insurance in the United States. The Terrorism Risk Insurance Program Reauthorization Act of 2015 includes a provision for GAO to review how other countries have structured and funded their terrorism risk insurance programs. This report compares the structures of and the role of government in selected foreign terrorism insurance programs and examines the loss-sharing arrangements between the government and private sector. Of the 16 programs identified through a literature review, GAO selected 6 representing a range of structures to examine in-depth-programs in Australia, Austria, India, Spain, the United Kingdom, and the United States. For the six programs, GAO reviewed program financial statements, annual reports, and documentation from the Organisation for Economic Co-operation and Development and interviewed officials from terrorism insurance programs, agencies, reinsurance companies, and trade associations. GAO makes no recommendations
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 Risk Insurance by : United States. Government Accountability Office
Download or read book Terrorism Risk Insurance written by United States. Government Accountability Office and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of countries have established national terrorism risk insurance programs to respond to market shortages for such insurance resulting from attacks either in their own or other countries. Many programs were created following the events of September 11, 2001, but some existed earlier. In 2002, the Terrorism Risk Insurance Act established a program to ensure the availability of terrorism risk insurance in the United States. This report compares the structures of and the role of government in selected foreign terrorism insurance programs and examines the loss-sharing arrangements between the government and private sector. Of the 16 programs identified through a literature review, GAO selected 6 representing a range of structures to examine in-depth, programs in Australia, Austria, India, Spain, the United Kingdom, and the United States. For the six programs, GAO reviewed program financial statements, annual reports, and documentation from the Organisation for Economic Co-operation and Development and interviewed officials from terrorism insurance programs, agencies, reinsurance companies, and trade associations.
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 : Daniel Garcia-Diaz
Download or read book Terrorism Risk Insurance written by Daniel Garcia-Diaz and published by . This book was released on 2016-05-25 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some countries have established national terrorism risk insurance programs to respond to market shortages for such insurance resulting from attacks either in their own or other countries. Many programs were created following the events of September 11, 2001, but some existed earlier. In 2002, the Terrorism Risk Insurance Act established a program to ensure the availability of terrorism risk insurance in the U.S. The Terrorism Risk Insurance Program Reauthorization Act of 2015 mandated this report on how other countries have structured and funded their terrorism risk insurance programs. It compares the structures of and the role of government in selected foreign terrorism insurance programs and examines the loss-sharing arrangements between the government and the private sector. Tables and figures. This is a print on demand report.
Book Synopsis Estimating Terrorism Risk by : Henry H. Willis
Download or read book Estimating Terrorism Risk written by Henry H. Willis and published by Rand Corporation. This book was released on 2006-01-06 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Department of Homeland Security is responsible for protecting the United States from terrorism. It does so partly through the Urban Areas Security Initiative, though its distribution has been criticized for not reflecting risk. This monograph offers a practical definition of terrorism risk and a method for estimating it that addresses inherent uncertainties. It also demonstrates a framework for evaluating alternative risk estimates. Finally, it makes five recommendations for improving resource allocation.
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.
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 Preparing for the Psychological Consequences of Terrorism by : Institute of Medicine
Download or read book Preparing for the Psychological Consequences of Terrorism written by Institute of Medicine and published by National Academies Press. This book was released on 2003-08-26 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oklahoma City bombing, intentional crashing of airliners on September 11, 2001, and anthrax attacks in the fall of 2001 have made Americans acutely aware of the impacts of terrorism. These events and continued threats of terrorism have raised questions about the impact on the psychological health of the nation and how well the public health infrastructure is able to meet the psychological needs that will likely result. Preparing for the Psychological Consequences of Terrorism highlights some of the critical issues in responding to the psychological needs that result from terrorism and provides possible options for intervention. The committee offers an example for a public health strategy that may serve as a base from which plans to prevent and respond to the psychological consequences of a variety of terrorism events can be formulated. The report includes recommendations for the training and education of service providers, ensuring appropriate guidelines for the protection of service providers, and developing public health surveillance for preevent, event, and postevent factors related to psychological consequences.
Book Synopsis Maritime Terrorism by : Michael D. Greenberg
Download or read book Maritime Terrorism written by Michael D. Greenberg and published by Rand Corporation. This book was released on 2006 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers have become increasingly concerned in recent years about the possibility of future maritime terrorist attacks. Though the historical occurrence of such attacks has been limited, recognition that maritime vessels and facilities may be particularly vulnerable to terrorism has galvanized concerns. In addition, some plausible maritime attacks could have very significant consequences, in the form of mass casualties, severe property damage, and attendant disruption of commerce. Understanding the nature of maritime terrorism risk requires an investigation of threats, vulnerabilities, and consequences associated with potential attacks, as grounded both by relevant historical data and by intelligence on the capabilities and intentions of known terrorist groups. These risks also provide the context for understanding government institutions that will respond to future attacks, and particularly so with regard to the US civil justice system. In principle, civil liability operates to redistribute the harms associated with legally redressable claims, so that related costs are borne by the parties responsible for having caused them. In connection with maritime terrorism, civil liability creates that prospect that independent commercial defendants will be held responsible for damages caused by terrorist attacks. This book explores risks and U.S. civil liability rules as they may apply in the context of these types of attacks.
Book Synopsis Terror, Security, and Money by : John Mueller
Download or read book Terror, Security, and Money written by John Mueller and published by OUP USA. This book was released on 2011-10-07 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In seeking to evaluate the efficacy of post-9/11 homeland security expenses--which have risen by more than a trillion dollars, not including war costs--the common query has been, "Are we safer?" This, however, is the wrong question. Of course we are "safer"--the posting of a single security guard at one building's entrance enhances safety. The correct question is, "Are any gains in security worth the funds expended?"In this engaging, readable book, John Mueller and Mark Stewart apply risk and cost-benefit evaluation techniques to answer this very question. This analytical approach has been used throughout the world for decades by regulators, academics, and businesses--but, as a recent National Academy of Science study suggests, it has never been capably applied by the people administering homeland security funds. Given the limited risk terrorism presents, expenses meant to lower it have for the most part simply not been worth it. For example, to be considered cost-effective, increased American homeland security expenditures would have had each year to have foiled up to 1,667 attacks roughly like the one intended on Times Square in 2010--more than four a day. Cataloging the mistakes that the US has made--and continues to make--in managing homeland security programs, Terror, Security, and Money has the potential to redirect our efforts toward a more productive and far more cost-effective course.
Book Synopsis Review of the Department of Homeland Security's Approach to Risk Analysis by : National Research Council
Download or read book Review of the Department of Homeland Security's Approach to Risk Analysis written by National Research Council and published by National Academies Press. This book was released on 2010-10-10 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The events of September 11, 2001 changed perceptions, rearranged national priorities, and produced significant new government entities, including the U.S. Department of Homeland Security (DHS) created in 2003. While the principal mission of DHS is to lead efforts to secure the nation against those forces that wish to do harm, the department also has responsibilities in regard to preparation for and response to other hazards and disasters, such as floods, earthquakes, and other "natural" disasters. Whether in the context of preparedness, response or recovery from terrorism, illegal entry to the country, or natural disasters, DHS is committed to processes and methods that feature risk assessment as a critical component for making better-informed decisions. Review of the Department of Homeland Security's Approach to Risk Analysis explores how DHS is building its capabilities in risk analysis to inform decision making. The department uses risk analysis to inform decisions ranging from high-level policy choices to fine-scale protocols that guide the minute-by-minute actions of DHS employees. Although DHS is responsible for mitigating a range of threats, natural disasters, and pandemics, its risk analysis efforts are weighted heavily toward terrorism. In addition to assessing the capability of DHS risk analysis methods to support decision-making, the book evaluates the quality of the current approach to estimating risk and discusses how to improve current risk analysis procedures. Review of the Department of Homeland Security's Approach to Risk Analysis recommends that DHS continue to build its integrated risk management framework. It also suggests that the department improve the way models are developed and used and follow time-tested scientific practices, among other recommendations.
Book Synopsis Trends in Terrorism by : Peter Chalk
Download or read book Trends in Terrorism written by Peter Chalk and published by Rand Corporation. This book was released on 2005 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a description of the evolving terrorist threat, this book's goal is to compare the underlying risk of attack to the architecture of financial protection that has been facilitated by the Terrorism Risk Insurance Act (TRIA). 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.
Author :President's Review Group on Intelligence and Communications Technologies, The Publisher :Princeton University Press ISBN 13 :1400851270 Total Pages :287 pages Book Rating :4.4/5 (8 download)
Book Synopsis The NSA Report by : President's Review Group on Intelligence and Communications Technologies, The
Download or read book The NSA Report written by President's Review Group on Intelligence and Communications Technologies, The and published by Princeton University Press. This book was released on 2014-03-31 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: The official report that has shaped the international debate about NSA surveillance "We cannot discount the risk, in light of the lessons of our own history, that at some point in the future, high-level government officials will decide that this massive database of extraordinarily sensitive private information is there for the plucking. Americans must never make the mistake of wholly 'trusting' our public officials."—The NSA Report This is the official report that is helping shape the international debate about the unprecedented surveillance activities of the National Security Agency. Commissioned by President Obama following disclosures by former NSA contractor Edward J. Snowden, and written by a preeminent group of intelligence and legal experts, the report examines the extent of NSA programs and calls for dozens of urgent and practical reforms. The result is a blueprint showing how the government can reaffirm its commitment to privacy and civil liberties—without compromising national security.
Book Synopsis Global Trends 2040 by : National Intelligence Council
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
