Allowing the federal terrorism risk insurance act to expire could have negative consequences for U.S. national security, according to a new study from the RAND Corporation.
Insurance markets were unprepared for the aftermath of the terrorist attacks of Sept. 11, 2001. Terrorism risk insurance quickly became either unavailable or extremely expensive. Congress reacted by passing the Terrorism Risk Insurance Act (TRIA), which provided government support by providing mechanisms for spreading losses across policyholders nationwide or using government payments to cover the most-extreme losses.
The current terrorism risk insurance program will expire in 2014 and Congress again is considering the appropriate government role in terrorism insurance markets.
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