Terrorism risk insurance act : analyses of data, market, and program issues / Ernie L. Duke, editor.

Formerly CIP. Uk

Includes bibliographical references and index.

Description based on print version record.

TERRORISM RISK INSURANCE ACT: ANALYSES OF DATA, MARKET, AND PROGRAM ISSUES; TERRORISM RISK INSURANCE ACT: ANALYSES OF DATA, MARKET, AND PROGRAM ISSUES; Library of Congress Cataloging-in-Publication Data; CONTENTS; PREFACE; Chapter 1: TERRORISM RISK INSURANCE: ISSUES ANALYSIS AND OVERVIEW OF CURRENT PROGRAM; SUMMARY; INTRODUCTION; TRIA IN THE 113TH CONGRESS; GOALS AND SPECIFICS OF THE CURRENT TRIA PROGRAM; COVERAGE FOR NUCLEAR, CHEMICAL, BIOLOGICAL, AND RADIOLOGICAL TERRORISM; BACKGROUND ON TERRORISM INSURANCE; THE TERRORISM INSURANCE MARKET; EVOLUTION OF TERRORISM RISK INSURANCE LAWS.

APPENDIX. CALCULATION OF TRIA RECOUPMENT AMOUNTSChapter 2: TERRORISM INSURANCE: TREASURY NEEDS TO COLLECT AND ANALYZE DATA TO BETTER UNDERSTAND FISCAL EXPOSURE AND CLARIFY GUIDANCE ; WHY GAO DID THIS STUDY; WHAT GAO RECOMMENDS; WHAT GAO FOUND; ABBREVIATIONS; BACKGROUND; COMPREHENSIVE DATA ON TERRORISM INSURANCE ARE NOT READILY AVAILABLE AND TREASURY'S ANALYSIS TO BETTER UNDERSTAND FISCAL EXPOSURE HAS BEEN LIMITED; INSURANCE MARKET FOR TERRORISM RISK HAS STABILIZED.

TRIA EXPIRATION OR MODIFICATION COULDAFFECT AVAILABILITY OF TERRORISM COVERAGE AND FEDERAL FISCAL EXPOSURE, BUT ADDITIONAL CLARIFICATION OF COVERED RISKS IS NEEDEDCONCLUSION; RECOMMENDATIONS FOR EXECUTIVE ACTION; AGENCY COMMENTS AND OUR EVALUATION; APPENDIX I. OBJECTIVES, SCOPE, AND METHODOLOGY; Chapter 3: THE LONG-TERM AVAILABILITY AND AFFORDABILITY OF INSURANCE FOR TERRORISM RISK; I. EXECUTIVE SUMMARY; II. OVERVIEW OF THE TERRORISM RISK INSURANCE ACT; III. AVAILABILITY AND AFFORDABILITY OF TERRORISM RISK INSURANCE.

IV. COMMENTS TO THE PWG NOTICE REGARDING MODIFICATIONS TO THE TERRORISM RISK INSURANCE PROGRAMCONCLUSION; GLOSSARY OF ACRONYMS AND ABBREVIATIONS; Chapter 4: MEMORANDUM FOR THE HEARING ON ""THE FUTURE OF TERRORISM INSURANCE: FOSTERING PRIVATE MARKET INNOVATION TO LIMIT TAXPAYER EXPOSURE""; BACKGROUND; LEGISLATIVE PROPOSALS FOR THE 113TH CONGRESS; Chapter 5: TESTIMONY OF SEAN MCGOVERN, DIRECTOR, RISK MANAGEMENT AND GENERAL COUNSEL, LLOYD'S OF LONDON, HEARING ON ""THE FUTURE OF TERRORISM INSURANCE: FOSTERING PRIVATE MARKET INNOVATION TO LIMIT TAXPAYER EXPOSURE""; INTRODUCTION; CONCLUSION.

Chapter 6: TESTIMONY OF KEAN DRISCOLL, CHIEF EXECUTIVE OFFICER, VALIDUS RE. HEARING ON ""THE FUTURE OF TERRORISM INSURANCE: FOSTERING PRIVATE MARKET INNOVATION TO LIMIT TAXPAYER EXPOSURE""BACKGROUND ON REINSURANCE; BACKGROUND OF THE TERRORISM RISK INSURANCE PROGRAM; REINSURERS' ROLE UNDER TRIP; THE CURRENT REINSURANCE MARKET; TRIP RENEWAL; Chapter 7: TESTIMONY OF ERNEST N. CSISZAR, FORMER DIRECTOR OF INSURANCE, STATE OF SOUTH CAROLINA. HEARING ON ""THE FUTURE OF TERRORISM INSURANCE: FOSTERING PRIVATE MARKET INNOVATION TO LIMIT TAXPAYER EXPOSURE""; (1) THE RENEWAL OR EXTENSION OF TRIA.

Prior to the September 11, 2001 terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without specific cost to the policyholders. Following the attacks, such coverage became very expensive if offered at all. Because insurance is required for a variety of transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact. Terrorism insurance was largely unavailable for most of 2002, and some have argued that this adversely affected parts of the economy. This book evaluates the extent of avail.

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