National Security Perspectives On Terrorism Risk Insurance In The United States

Author : Henry H. Willis
Publisher : Unknown
Page : 21 pages
File Size : 45,9 Mb
Release : 2014
Category : Risk (Insurance)
ISBN : 0833085387

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National Security Perspectives on Terrorism Risk Insurance in the United States by Henry H. Willis Pdf

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.

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 112 pages
File Size : 55,5 Mb
Release : 2007
Category : Business & Economics
ISBN : PSU:000058928844

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Terrorism threats and the insurance market by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations Pdf

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 216 pages
File Size : 50,5 Mb
Release : 2009
Category : Business & Economics
ISBN : UOM:39015090411755

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Examining the Terrorism Risk Insurance Program by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf

Author : Anonim
Publisher : Unknown
Page : 89 pages
File Size : 46,7 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:64440316

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Trends in Terrorism, Threats to the United States and the Future of the Terrorism Risk Insurance Act by Anonim Pdf

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.

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
Page : 54 pages
File Size : 53,7 Mb
Release : 2017-09-23
Category : Electronic
ISBN : 1977579558

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Terrorism Risk Insurance by United States Government Accountability Office Pdf

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

Author : Tom LaTourrette,Noreen Clancy
Publisher : Unknown
Page : 20 pages
File Size : 53,7 Mb
Release : 2014-04
Category : National security
ISBN : 0833086197

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The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire by Tom LaTourrette,Noreen Clancy Pdf

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.

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 24 pages
File Size : 45,6 Mb
Release : 2014
Category : Terrorism insurance
ISBN : MINN:31951D03773051G

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Terrorism Risk Insurance Program Reauthorization Act of 2014 by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf

Author : David J. Smith,Mark D. Silinsky
Publisher : Rothstein Publishing
Page : 114 pages
File Size : 52,8 Mb
Release : 2016-08-02
Category : Business & Economics
ISBN : 9781944480271

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The Manager’s Guide to Terrorism, Risk, and Insurance by David J. Smith,Mark D. Silinsky Pdf

As a manager, you’re aware of terrorist acts, are considering the risks, but sense that you need more background. How might terrorism occur? How is it part of risk and threat planning? What insurance strategies might protect your company from financial loss? In a few short chapters, The Manager’s Guide to Terrorism, Risk, and Insurance: Essentials for Today’s Business fills in the blanks for you. What does it take to weigh the likelihood of a terrorism exposure and protect all the assets of your company? The answer to this question involves understanding the nature of terrorists and their behavior, evaluating the risk of potential damage and business interruption, and exploring ways to use insurance – such as programs covered by the US Terrorism Risk Insurance Act – to protect against severe financial harm. Authors of this book, David J. Smith and Mark D. Silinsky, give you the benefit of their decades of professional experience in risk management, insurance, physical and cyber security, and anti-terrorism. Topics covered will help you to better understand: Characteristics that could make your company the target of terrorism. The most costly terrorist acts that have brought about fatalities and insured property loss. . How to anticipate the probability of maximum loss and foreseeable loss from terrorism. . The psychological picture of the typical terrorist – the warning signs and pre-attack indicators. . Tactics used by terrorists, such as bombings, assassination, and kidnapping. . Safety measures to be used by employees in the office and as they travel. . Practical steps for loss reduction from a variety of terrorist-related threats. . Insurance options to protect against financial loss from destructive terrorist acts, kidnap and ransom, and cyber attack and exposure. Case studies and discussion questions are provided to speed your understanding of the material. Importantly, since the book has been extensively researched, the authors provide a wealth of resources that you can consult as you dig deeper into this complex topic.

Author : Mark R. Landahl,Tonya E. Thornton
Publisher : Emerald Group Publishing
Page : 241 pages
File Size : 52,6 Mb
Release : 2021-09-06
Category : Political Science
ISBN : 9781787693371

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The Role of Law Enforcement in Emergency Management and Homeland Security by Mark R. Landahl,Tonya E. Thornton Pdf

This book examines the role and involvement of law enforcement agencies across the spectrum of homeland security and emergency management. Contributions from expert practitioners and academics are organized around the mission areas of mitigation/protection, prevention, preparedness, response and recovery.

Author : Henry H. Willis,Andrew R. Morral,Terrence K. Kelly,Jamison Jo Medby
Publisher : Rand Corporation
Page : 93 pages
File Size : 47,6 Mb
Release : 2006-01-06
Category : Political Science
ISBN : 9780833040930

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Estimating Terrorism Risk by Henry H. Willis,Andrew R. Morral,Terrence K. Kelly,Jamison Jo Medby Pdf

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.

Author : Ali E. Abbas,Milind Tambe,Detlof von Winterfeldt
Publisher : Cambridge University Press
Page : 788 pages
File Size : 55,9 Mb
Release : 2017-12-06
Category : Mathematics
ISBN : 9781108216654

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Improving Homeland Security Decisions by Ali E. Abbas,Milind Tambe,Detlof von Winterfeldt Pdf

What are the risks of terrorism and what are their consequences and economic impacts? Are we safer from terrorism today than before 9/11? Does the government spend our homeland security funds well? These questions motivated a twelve-year research program of the National Center for Risk and Economic Analysis of Terrorism Events (CREATE) at the University of Southern California, funded by the Department of Homeland Security. This book showcases some of the most important results of this research and offers key insights on how to address the most important security problems of our time. Written for homeland security researchers and practitioners, this book covers a wide range of methodologies and real-world examples of how to reduce terrorism risks, increase the efficient use of homeland security resources, and thereby make better decisions overall.

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 54,5 Mb
Release : 2004
Category : Financial reinsurance
ISBN : OCLC:74273699

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Issues and Options for Government Intervention in the Market for Terrorism Insurance by Anonim Pdf

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.

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 47,5 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"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.

Author : National Research Council,Committee to Review the Department of Homeland Security's Approach to Risk Analysis
Publisher : National Academies Press
Page : 160 pages
File Size : 53,9 Mb
Release : 2010-10-10
Category : Political Science
ISBN : 9780309159241

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Review of the Department of Homeland Security's Approach to Risk Analysis by National Research Council,Committee to Review the Department of Homeland Security's Approach to Risk Analysis Pdf

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.

Author : Michael D. Greenberg
Publisher : Rand Corporation
Page : 199 pages
File Size : 47,6 Mb
Release : 2006
Category : Business & Economics
ISBN : 9780833040305

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Maritime Terrorism by Michael D. Greenberg Pdf

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.