Title National security perspectives on terrorism risk insurance in the United States / Henry H. Willis, Omar Al-Shahery

Published Santa Monica, CA : RAND, 2014

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Description 1 online resource (21 pages) : color illustrations Summary 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 Notes Caption title "RAND Corporation." "Policy Brief." "This work was conducted within the RAND Center for Catastrophic Risk Management and Compensation ... part of RAND Justice, Infrastructure, and Environment"--Back cover Bibliography Includes bibliographical references (pages 19-21) Notes Print version record Subject United States. Terrorism Risk Insurance Act of 2002 -- Evaluation SUBJECT Terrorism Risk Insurance Act of 2002 (United States) fast Subject Terrorism insurance -- United States -- Evaluation Terrorism -- Risk assessment -- United States Risk (Insurance) -- United States -- Evaluation Risk management -- United States -- Evaluation Terrorism -- History -- 21st century BUSINESS & ECONOMICS -- Insurance -- General. Evaluation Risk management -- Evaluation Terrorism United States Genre/Form History Form Electronic book Author Al-Shahery, Omar Rand Justice, Infrastructure, and Environment (Organization) Rand Corporation ISBN 9780833085382 0833085387

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