Download or read book Policy Options for Extending the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining a legislative solution to extend and revise the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Issues and Options for Government Intervention in the Market for Terrorism Insurance written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the 9/11 terrorist attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In exchange, the federal government will reimburse insurers for a portion of insured losses above a particular threshold. This paper frames the central issues in the debate over whether to extend, modify, or end TRIA, and explores the role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by those attacks.
Download or read book Need to extend the Terrorism Risk Insurance Act field hearing written by and published by DIANE Publishing. This book was released on with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Need to Extend the Terrorism Risk Insurance Act written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Treasury s Report to Congress on the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2006 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Examining a Legislative Solution to Extend and Revise the Terrorism Risk Insurance ACT Tria written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-25 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining a legislative solution to extend and revise the Terrorism Risk Insurance Act (TRIA) : hearing before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, first session, June 21, 2007.
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 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.
Download or read book Policy Options for Extending the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact on Workers Compensation Insurance Markets of Allowing the Terrorism Risk Insurance Act to Expire written by Michael Dworsky and published by . This book was released on 2014 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book The Federal Role in Terrorism Insurance written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2007 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the Terrorism Risk Insurance Act1s 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.
Download or read book Terrorism Insurance written by United States. Government Accountability Office and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act of 2002 (TRIA) is credited with stabilizing insurance markets after the September 11, 2001, attacks by requiring insurers to offer terrorism coverage to commercial property owners (property/casualty insurance), and specifying that the federal government is liable for a large share of related losses. While TRIA covers attacks involving conventional weapons, insurers may use exceptions that may exclude coverage for attacks with nuclear, biological, chemical, or radiological (NBCR) weapons, which has raised concerns about the potential economic consequences of such attacks. TRIA's 2007 reauthorization directed GAO to review (1) the extent to which insurers offer NBCR coverage, (2) factors that contribute to the willingness of insurers to provide NBCR coverage, and (3) policy options for expanding coverage for NBCR risks.
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.
