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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 106 pages
File Size : 55,9 Mb
Release : 2005
Category : Terrorism insurance
ISBN : STANFORD:36105050408744
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 112 pages
File Size : 52,6 Mb
Release : 2007
Category : Business & Economics
ISBN : PSU:000058928844
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 88 pages
File Size : 48,5 Mb
Release : 2006
Category : Business & Economics
ISBN : STANFORD:36105063999820
Author : Howard Kunreuther,Erwann Michel-Kerjan
Publisher : Unknown
Page : 48 pages
File Size : 52,8 Mb
Release : 2007
Category : Property insurance
ISBN : PSU:000061539389
The 9/11 attacks in the United States, as well as other attacks in different parts of the world, raise important questions related to the economic impact of terrorism. What are the most effective ways for a country to recover from these economic losses? Who should pay for the costs of future large-scale attacks? To address these two questions, we propose five principles to evaluate alternative programs. We first discuss how a federal insurance program with mandatory coverage and a laissez faire free-market approach for providing private insurance will fare relative to these principles. We conclude that neither solution is likely to be feasible here in the United States given the millions of firms at risk and the current structure of insurance regulation. We then evaluate how well the U.S. Terrorism Risk Insurance Act (TRIA), a public-private program to cover commercial enterprises against foreign terrorism on U.S. soil, meets the five principles. In particular, we show that TRIA has had a positive effect on availability of terrorism coverage and also has significantly contributed to reducing insurance premiums. TRIA is scheduled to terminate at the end of the year, but pending legislation would extend the program for fifteen years after December 31 (HR. 2761). In this paper, we show that such a long-term extension might have important impacts on the market. This could increase the take-up rate, as prices might be even lower than they are today. We show also, however, that if TRIA were extended for a long period of time in its current form, some insurers could "game" the program by collecting ex ante a large amount of premiums for terrorism insurance, while being financially responsible for only a small portion of the claims ex post. The general taxpayer and the general commercial policyholder (whether or not covered against terrorism) would absorb the residual insured losses. This raises major equity issues inherent in the design of the program.
Author : Anonim
Publisher : FEMA
Page : 234 pages
File Size : 41,7 Mb
Release : 2024-06-27
Category : Electronic
ISBN : 8210379456XXX
Author : Lloyd S. Dixon
Publisher : Rand Corporation
Page : 154 pages
File Size : 41,5 Mb
Release : 2007
Category : Business & Economics
ISBN : UCR:31210021701212
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.
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 104 pages
File Size : 45,5 Mb
Release : 2005
Category : Terrorism insurance
ISBN : PSU:000058148082
Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 40,5 Mb
Release : 2007
Category : Electronic
ISBN : OCLC:1050642902
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.
Author : Lloyd S. Dixon,John Arlington,Stephen Carroll,David M. Adamson,Darius Lakdawalla,Robert T. Reville
Publisher : Rand Corporation
Page : 37 pages
File Size : 43,5 Mb
Release : 2004
Category : Political Science
ISBN : 0833037013
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.
Author : United States. Congress. House. Committee on Oversight and Government Reform
Publisher : Unknown
Page : 296 pages
File Size : 44,5 Mb
Release : 2003
Category : Legislative oversight
ISBN : UCR:31210016345710
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 200 pages
File Size : 50,8 Mb
Release : 2004
Category : Money laundering
ISBN : PURD:32754077578783
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 88 pages
File Size : 44,5 Mb
Release : 2006
Category : Business & Economics
ISBN : PSU:000058928202
Author : United States. Congress. House. Committee on Government Reform
Publisher : Unknown
Page : 296 pages
File Size : 51,6 Mb
Release : 2003
Category : Legislative oversight
ISBN : PURD:32754082299656
Author : Anonim
Publisher : Unknown
Page : 236 pages
File Size : 46,7 Mb
Release : 2015
Category : Electronic
ISBN : STANFORD:36105050683759
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Insurance, Housing, and Community Opportunity
Publisher : Unknown
Page : 288 pages
File Size : 52,9 Mb
Release : 2011
Category : Business & Economics
ISBN : UCSD:31822038359725
