The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire PDF Download
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Author: Tom LaTourrette Publisher: ISBN: 9780833086198 Category : National security Languages : en Pages : 20
Book Description
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: Tom LaTourrette Publisher: ISBN: 9780833086198 Category : National security Languages : en Pages : 20
Book Description
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: ISBN: Category : Terrorism insurance Languages : en Pages : 24
Author: David J. Smith Publisher: Rothstein Publishing ISBN: 1944480277 Category : Business & Economics Languages : en Pages : 107
Book Description
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 2-2 Deadly Terrorist Act Examples by Number of Fatalities (Johnston, 2015 -- Standberry, 2012) -- Case Studies, Chapter 2 -- Discussion Questions, Chapter 2 -- References, Chapter 2 -- Appendix A: Insurance Policies Related to Terrorism Risk Management -- A.1 The Terrorism Risk Reinsurance Act and Its Successors -- A.1.1 The Nature of TRIA -- A.1.2 Coverages Provided by TRIA -- A.1.3 What TRIA Does Not Include -- A.1.4 TRIA Endorsements -- A.1.5 The Debate and the Problems with TRIA -- A.1.6 Other Options to TRIA -- A.2 Kidnap, Ransom, and Extortion (K & R) Insurance Policies -- A.2.1 Types of Insurance Companies that Provide K & R Policies -- A.2.2 The Coverages Available from K & R Contracts -- A.2.3 Contractors Owned by or Employed by K & R Companies -- A.3 Cyber Insurance and Cyber Liability Insurance -- A.3.1 Cyber Insurance Categories -- A.3.2 Current Underwriting Philosophy for Cyber Exposures -- A.3.3 Cyber Insurance Limits, Cost, and Content Examples -- References, Appendix A -- About the Authors -- Credits -- More from the Publisher
Author: Lloyd S. Dixon Publisher: Rand Corporation ISBN: Category : Business & Economics Languages : en Pages : 154
Book Description
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: Congressional Research Service Library o Publisher: ISBN: 9781410220653 Category : Business & Economics Languages : en Pages : 68
Book Description
The tragedy of September 11, 2001 was so sudden and devastating that it may be difficult at this point in time to write dispassionately and objectively about its effects on the U.S. economy. This retrospective review will attempt such an undertaking. The loss of lives and property on 9/11 was not large enough to have had a measurable effect on the productive capacity of the United States even though it had a very significant localized effect on New York City and, to a lesser degree, on the greater Washington, D.C. area. Thus, for 9/11 to affect the economy it would have had to have affected the price of an important input, such as energy, or had an adverse effect on aggregate demand via such mechanisms as consumer and business confidence, a financial panic or liquidity crisis, or an international run on the dollar. It was initially thought that aggregate demand was seriously affected, for while the existing data showed that GDP growth was low in the first half of 2001, data published in October showed that GDP had contracted during the 3rd quarter. This led to the claim that "The terrorist attacks pushed a weak economy over the edge into an outright recession." We now know, based on revised data, this is not so. At the time of 9/11 the economy was in its third consecutive quarter of contraction; positive growth resumed in the 4th quarter. This would suggest that any effects from 9/11 on demand were short lived. While this may be true, several events took place before, on, and shortly after 9/11, that made recovery either more rapid than it might have been or made it possible to take place. First, the Federal Reserve had eased credit during the first half of 2001 to stimulate aggregate demand. The economy responds to policy changes with a lag in time. Thus, the public response may have been felt in the 4th quarter giving the appearance that 9/11 had only a limited effect. Second, the Federal Reserve on and immediately after 9/11 took appropriate action to avert a financial panic and liquidity shortage. This was supplemented by support from foreign central banks to shore up the dollar in world markets and limited the contagion of 9/11 from spreading to other national economies. Nevertheless, U.S. trade with other countries, especially Canada, was disrupted. While oil prices spiked briefly, they quickly returned to their pre-9/11 levels. Thus, it can be argued, timely action contained the short run economic effects of 9/11 on the overall economy. Over the longer run 9/11 will adversely affect U.S. productivity growth because resources are being and will be used to ensure the security of production, distribution, finance, and communication.
Author: Tom LaTourrette
Author: Tom LaTourrette
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Author: David J. Smith
Author: Lloyd S. Dixon
Author: David Torregrosa
Author: United States. Congress. House. Committee on the Budget
Author: United States. Congress. Senate. Committee on the Budget
Author: Congressional Research Service Library o
Author: 
Author: United States. Congress. House. Committee on Financial Services