Download Distribution of Losses from Large Terrorist Attacks Under by Stephen Carroll PDF

By Stephen Carroll

The pending expiration of the Terrorism possibility coverage Act (TRIA) of 2002 is the impetus for this overview of ways TRIA redistributes terrorism losses, supporting to notify policymakers on no matter if to increase, alter, or terminate it.

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Extra resources for Distribution of Losses from Large Terrorist Attacks Under the Terrorism Risk Insurance Act (2005)

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Insured losses beyond the deductible and co-payment are paid by a surcharge on all commercial insurance policyholders and by taxpayers. The requirement to offer coverage and the risk-sharing scheme in TRIA apply to commercial property and casualty policies only; they do not apply to life or health policies or to personal lines such as auto or homeowners’ insurance. In addition, TRIA is restricted to certified foreign terrorist attacks only. For an attack to be certified, the perpetrators must have acted on behalf of a foreign person or foreign interest.

However, the law, as currently written, leaves open the determination of whether TRIAcovered losses in excess of $100 billion will be paid and, if so, by whom. Consequently, it is not known who would become responsible for losses shifted from taxpayers. xxx Distribution of Losses from Large Terrorist Attacks Under TRIA Conclusions and Implications for TRIA In terms of the conclusions, we focus on four areas: (1) the taxpayer role under TRIA, (2) uninsured losses under TRIA, (3) target insurer subsidy, and (4) the renewal of TRIA.

More generally, however, even if the risk reduction realized from some steps could be quantified, the absolute risk of most terrorist attacks, or even the relative risk in the context of other types of disasters, remains highly uncertain, making premium pricing very difficult. The Renewal of TRIA While our analysis is not intended to be a comprehensive analysis of the decision about whether to renew TRIA, our analysis does provide information that bears on the decision. First, to the extent that taxpayer involvement is not a concern for most terrorist attacks, budgetary considerations do not seem relevant as a motivation for allowing TRIA to sunset.

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