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.
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.
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...
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.
2.5.4.5 Local and Central Alarms -- 2.5.4.6 Emergency Planning and Disaster Recovery -- 2.5.4.7 Reputation Management -- 2.5.5 Retention -- 2.5.6 Transfer -- Table 2-1 Top 10 Most Costly Terrorist Acts by Insured Property Losses -- Table 2 ...
Economic effects of long-term Federal obligations: hearing before the Committee on the Budget, House of Representatives, One Hundred Eighth Congress,...
The Future of Terrorism Insurance: Hearing Before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee...
A CBO Study. Analyzes proposals for federal reinsurance of risks from terrorism and natural disasters. Policymakers have developed two types of federal proposals to increase the supply of property and casualty insurance.
This is Volume I. Your budget submission to OMB should build on the President's commitment to advance the vision of a Federal Government that spends taxpayer dollars more efficiently and effectively and to provide necessary services in ...