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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 112 pages
File Size : 48,9 Mb
Release : 2007
Category : Business & Economics
ISBN : PSU:000058928844
Author : Anonim
Publisher : Unknown
Page : 89 pages
File Size : 40,7 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:64440316
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. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 132 pages
File Size : 45,5 Mb
Release : 2014
Category : Terrorism insurance
ISBN : PURD:32754083994420
Author : Anonim
Publisher : Unknown
Page : 48 pages
File Size : 44,7 Mb
Release : 2004
Category : Electronic
ISBN : OCLC:1049847001
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 : Lloyd Dixon,Robert J. Lempert,Tom LaTourrette,Robert T. Reville
Publisher : Rand Corporation
Page : 148 pages
File Size : 44,8 Mb
Release : 2007-10-23
Category : Law
ISBN : 0833044338
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.
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 192 pages
File Size : 40,9 Mb
Release : 2007
Category : Law
ISBN : PSU:000061493551
Author : Yvonne D. Jones
Publisher : DIANE Publishing
Page : 33 pages
File Size : 49,8 Mb
Release : 2009-02
Category : Business & Economics
ISBN : 9781437907780
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.
Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 45,6 Mb
Release : 2004
Category : Financial reinsurance
ISBN : OCLC:74273699
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 : Henry H. Willis
Publisher : Unknown
Page : 21 pages
File Size : 51,7 Mb
Release : 2014
Category : Risk (Insurance)
ISBN : 0833085387
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 Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 256 pages
File Size : 46,8 Mb
Release : 2006
Category : Business & Economics
ISBN : STANFORD:36105063999424
Author : Peter Chalk,Bruce Hoffman,Robert Reville,Anna-Britt Kasupski
Publisher : Rand Corporation
Page : 75 pages
File Size : 55,5 Mb
Release : 2005
Category : Political Science
ISBN : 0833038222
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 : Ernie L Duke
Publisher : Nova Science Publishers
Page : 0 pages
File Size : 55,9 Mb
Release : 2014
Category : Terrorism insurance
ISBN : 1634631285
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).
Author : Anonim
Publisher : DIANE Publishing
Page : 112 pages
File Size : 48,8 Mb
Release : 2024-05-23
Category : Electronic
ISBN : 1422323927
Author : Miguel H. Palacios
Publisher : Nova Science Publishers
Page : 0 pages
File Size : 40,5 Mb
Release : 2009
Category : Risk (Insurance)
ISBN : 1607417944
This book looks at the issues involved with terrorism insurance and includes a side-by-side comparison of the previous law, the two House TRIA-extension bills, and the Senate bill that was ultimately signed by the President. Prior to the September 11, 2001 terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, both primary insurers and reinsurers pulled back from offering terrorism coverage. Congress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act (TRIA) of 2002. TRIA created a temporary program to calm the insurance markets through a government backstop for terrorism losses. In addition to the continuing debate about TRIA, this book also discusses commonly accepted principles of insurability and whether nuclear, biological, chemical, or radiological (NBCR) risks are measurable and predictable and whether private insurers currently are exposed to NBCR risks and the challenges they face in pricing such risks.
Author : Anonim
Publisher : OECD
Page : 340 pages
File Size : 55,5 Mb
Release : 2005
Category : Electronic books
ISBN : STANFORD:36105121790450
Who should compensate the losses stemming from new forms of terrorism? To what extent and under what conditions can insurers and reinsurers continue to cover this exposure? Could financial markets provide additional capacity? Should governments be called upon to participate in the financial coverage of terrorism risk? Answers to these questions have gradually emerged in OECD countries since the 11 September 2001 attacks and are continuing to take shape. Several years after these events, and while the renewal of government-backed terrorism compensation schemes is being discussed in some of its member countries, the OECD reviews market evolutions and existing national arrangements to cover terrorism exposures. It also draws attention to several questions and concerns that remain unanswered. This volume combines OECD policy conclusions with leading academic analysis on a wide scope of issues related to the financial management of terrorism risk. It will allow a better understanding of issues at stake as well as of market and regulatory initiatives to meet the critical financial challenge raised by modern terrorism.