Despite some strong disagreement, the debate on solutions for American terrorism insurance has defined important areas of emerging accord, particularly in light of the potential risk of an attack using a weapon of mass destruction.
This article–abridged and edited from the chapter on terrorism, insurance and preparedness in my book, "Seeds of Disaster, Roots of Response"–includes specific recommendations for development of a long-term solution as we approach the final months of the already extended Terrorism Risk Insurance Act.
Policymakers should consider whether commercial insurance should be formally classified as "critical infrastructure" within the Department of Homeland Security charter. In fact, TRIA should be entirely moved from the Treasury Department to DHS, which would integrate all of the critical needs for a holistic risk management solution based on preparedness, information sharing and risk financing.
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