Terrorism Threats And The Insurance Market
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Terrorism Threats And The Insurance Market
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
language : en
Publisher:
Release Date : 2007
Terrorism Threats And The Insurance Market written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Trends In Terrorism Threats To The United States And The Future Of The Terrorism Risk Insurance Act
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Author :
language : en
Publisher:
Release Date : 2005
Trends In Terrorism Threats To The United States And The Future Of The Terrorism Risk Insurance Act written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
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.
Issues And Options For Government Intervention In The Market For Terrorism Insurance
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Author :
language : en
Publisher:
Release Date : 2004
Issues And Options For Government Intervention In The Market For Terrorism Insurance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
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.
Issues And Options For Government Intervention In The Market For Terrorism Insurance
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Author :
language : en
Publisher:
Release Date : 2004
Issues And Options For Government Intervention In The Market For Terrorism Insurance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Financial reinsurance categories.
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.
Reauthorizing Tria
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 2014
Reauthorizing Tria written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Terrorism insurance categories.
Examining A Legislative Solution To Extend And Revise The Terrorism Risk Insurance Act Tria
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
language : en
Publisher:
Release Date : 2007
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 has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Trends In Terrorism
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Author : Peter Chalk
language : en
Publisher: Rand Corporation
Release Date : 2005
Trends In Terrorism written by Peter Chalk and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Political Science categories.
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.
The Future Of Terrorism Insurance
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
language : en
Publisher:
Release Date : 2006
The Future Of Terrorism Insurance written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Terrorism insurance categories.
Initial Results On Availability Of Terrorism Insurance In Specific Markets
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Author : Yvonne D. Jones
language : en
Publisher: DIANE Publishing
Release Date : 2009-02
Initial Results On Availability Of Terrorism Insurance In Specific Markets written by Yvonne D. Jones and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02 with Business & Economics categories.
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.
Policy Issues In Insurance Terrorism Risk Insurance In Oecd Countries
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-07-05
Policy Issues In Insurance Terrorism Risk Insurance In Oecd Countries written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-05 with categories.
This book presents OECD policy conclusions and leading academic analysis on the financial management of terrorism risk nearly four years after the World Trade Centre attacks.