Download or read book Examining the Terrorism Risk Insurance Program written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Terrorism Insurance written by United States. General Accounting Office and published by DIANE Publishing. This book was released on 2004 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 The Terrorism Risk Insurance Act written by Jason M. Schupp and published by Hillcrest Publishing Group. This book was released on 2016 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the outset, the Terrorism Risk Insurance Act program succeeded in making terrorism insurance widely available to US businesses and local governments without jeopardizing the long-term sustainability of the insurance industry.Nearly a decade and a half later, the Terrorism Risk Insurance Act remains an essential part of our national strategy for economic security and resilience in the face of terrorism. Over that time, however, knowledge of the program has steadily eroded as many who were involved in the program's early years have moved on or retired.The Terrorism Risk Insurance Act: A Practitioner's Guide assists today's insurance professional to bridge this gap through a comprehensive explanation of each of the elements of the program reinforced through practical examples. Each chapter concludes with a description of processes, controls, and testing that practitioners may consider to maximize potential recoveries under the program and build reliable evidence of compliance.
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 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.
Download or read book The Department of the Treasury s Report to Congress Regarding the Terrorism Risk Insurance Act of 2002 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2006 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 The Terrorism Risk Insurance Act Of 2002 written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-07 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act of 2002 : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Thirteenth Congress, first session, September 19, 2013.
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 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).
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 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 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.
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.
Download or read book Initial Results on Availability of Terrorism Insurance in Specific Markets written by Yvonne D. Jones and published by DIANE Publishing. This book was released on 2009-02 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The terrorist attacks of 9/11, have resulted in insured losses of $32.5 billion. To help restore confidence and stability in property insurance markets, the Terrorism Risk Insurance Act of 2002 was passed under which the fed. gov¿t. assumed significant responsibility for the potential insured financial losses associated with future terrorist attacks. However, some remain concerned that there may still be gaps in coverage. There are concerns about the ability of policyholders located in large urban areas that are viewed as being at high risk of attack to obtain terrorism insurance coverage. This study determines if specific markets in the U.S. have any unique constraints on the amount of terrorism insurance available and to evaluate options to enhance coverage.
