Terrorism Risk Insurance: Analyses and Prospects

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Prior to the September 11, 2011, terrorist attacks, insurance 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 expansive if insurers offered it at all. Because insurance is required for a variety of economic transactions, it was feared that the absence of insurance against terrorism loss would have a wider economic impact.

Private terrorism insurance was largely unavailable for most of 2002 and some have argued that this adversely affected parts of the economy. Congress responded to the disruption in the terrorism insurance market by passing the Terrorism Risk Insurance Act of 2002 (TRIA). TRIA created a temporary three-year Terrorism Insurance Program in which the government would share some of the losses with private insurers should a foreign terrorist attack occur. This book analyzes the TRIA program at ten years and the future of the terrorism risk insurance program. (Imprint: Novinka )

Preface

Terrorism Risk Insurance: Issue Analysis and Overview of Current Program
(Baird Webel, CRS)

Testimony of Robert P. Hartwig, President, Insurance Information Institute. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of David C. John, Senior Research Fellow, The Heritage Foundation. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Statement of Rolf Lundberg, Senior Vice President, Co"TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of Erwann O. Michel-Kerjan, Professor, Wharton School of Business, University of Pennslyvania. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of Janice Ochenkowski, Managing Director, Jones Lang LaSalle. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of Linda St. Peter, Operations Manager, Prudential Connecticut Realty. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Statement of Steve Bartlett, President and CEO, The Financial Services Roundtable. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Statement of Darwin Copeman, President and Chief Executive Officer, Jewelers Mutual Insurance Company. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of Michael Lanza, Executive Vice President and General Counsel, Selective Insurance Group, Inc. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Testimony of Christopher M. Lewis, Senior Vice President and Chief Insurance Risk Officer, The Hartford Financial Services Group. Hearing on "TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program"

Index

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