Research Catalog

The impact on federal spending of allowing the terrorism risk insurance act to expire / Tom LaTourrette, Noreen Clancy.

Title
The impact on federal spending of allowing the terrorism risk insurance act to expire / Tom LaTourrette, Noreen Clancy.
Author
LaTourrette, Tom, 1963-
Publication
[Santa Monica] : Rand Corporation, [2014]

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Additional Authors
  • Clancy, Noreen,
  • RAND Center for Catastrophic Risk Management and Compensation, sponsoring body.
  • Rand Corporation, sponsoring body.
Description
16 pages : color illustrations; 28 cm.
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 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.
Series Statement
Policy brief
Subject
  • National security > United States
  • Risk (Insurance) > United States
  • Risk management > United States
  • Terrorism > Risk assessment > United States
  • Terrorism insurance > United States > Evaluation
  • United States. > Evaluation
Note
  • "RR-611-CCRMC"--Back cover.
  • Caption title.
Bibliography (note)
  • includes bibliographical references (pages 14-16).
Processing Action (note)
  • committed to retain
ISBN
  • 0833086197
  • 9780833086198
Owning Institutions
Harvard Library