Terrorism Insurance.
Miguel H. Palacios
Bok Engelsk 2009 · Electronic books.
| Omfang | 1 online resource (147 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- TERRORISM INSURANCE -- TERRORISM INSURANCE -- CONTENTS -- PREFACE -- Chapter 1 TERRORISM RISK INSURANCE LEGISLATION IN 2007: ISSUE SUMMARY AND SIDE-BY-SIDE -- SUMMARY -- INTRODUCTION -- LEGISLATIVE ACTION -- Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA, H.R. 2761) -- Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA, S. 2285) -- Terrorism Risk Insurance Program Reauthorization Act of 2007 (H.R. 4299) -- Final Passage and Enactment of TRIA-Extension Legislation -- END NOTES -- Chapter 2 TERRORISM RISK INSURANCE: ISSUE ANALYSIS AND LEGISLATION -- SUMMARY -- BACKGROUND -- Insurability of Terrorism Risk -- International Experience with Terrorism Risk Insurance -- Previous U.S. Experience with "Uninsurable" Risks -- The Terrorism Insurance Market and the Economy: Post-9/11 and Pre-TRIA -- INITIAL CONGRESSIONAL ACTION -- TRIA's Original Goals and Substance -- POST-TRIA ACTIVITY -- Executive Branch -- Terrorism Insurance Market after TRIA -- Congressional Action in the 108th and 109th Congresses -- CURRENT CONGRESSIONAL ACTION -- Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) -- Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) -- END NOTES -- Chapter 3 TERRORISM INSURANCE: STATUS OF COVERAGE AVAILABILITY FOR ATTACKS INVOLVING NUCLEAR, BIOLOGICAL, CHEMICAL, OR RADIOLOGICAL WEAPONS -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- RESULTS IN BRIEF -- BACKGROUND -- Variation in Potential Weapons involving NBCR Materials and Examples of Prior Attacks -- Overview of State Regulation of Insurance and Workers' Compensation Insurance Providers -- MOST COMMERCIAL PROPERTY/CASUALTY INSURERS AND REINSURERS WE CONTACTED EXCLUDE OR LIMIT COVERAGE FOR NBCR RISKS, WHILE WORKERS' COMPENSATION, LIFE, AND HEALTH INSURERS GENERALLY ARE REQUIRED TO OFFER SUCH COVERAGE.. - Chapter 4 TERRORISM INSURANCE: STATUS OF EFFORTS BY POLICYHOLDERS TO OBTAIN COVERAGE -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- RESULTS IN BRIEF -- BACKGROUND -- TERRORISM INSURANCE GENERALLY IS AVAILABLE NATIONWIDE, ALTHOUGH SOME POLICYHOLDERS HAD TO TAKE ADDITIONAL STEPS TO OBTAIN COVERAGE -- Terrorism Insurance Generally is Available Nationwide at Rates Viewed as Affordable Largely Due to the TRIA Program and the Soft Insurance Market -- Some Policyholders in Major Cities Have Faced Initial Challenges in Obtaining Desired Terrorism Coverage at Rates Viewed as Favorable -- To Obtain Full Terrorism Coverage, Policyholders May Add Additional Carriers to Existing Insurance Programs, Purchase Terrorism-only Policies, or Self-Insure -- INSURER AND REINSURER EFFORTS TO MITIGATE THEIR RISKS APPEARED TO BE WHY CERTAIN POLICYHOLDERS FACED INITIAL CHALLENGES IN OBTAINING TERRORISM INSURANCE COVERAGE -- Insurers' Concerns about Amounts of Future Terrorism Losses Influence Their Willingness to Provide Coverage, Affecting Availability and Price in Certain Cities -- Availability of Reinsurance Also Can Affect Insurers' Willingness to Provide Terrorism Coverage -- Views of Rating Agencies Also May Influence the Availability of Terrorism Insurance for Some Policyholders in Areas Viewed as at High Risk of Attack -- VARIOUS PROPOSALS TO INCREASE THE AVAILABILITY AND AFFORDABILITY OF TERRORISM INSURANCE COVERAGE HAVE BOTH ADVANTAGES AND DISADVANTAGES -- Option 1: Lowering Insurers' TRIA Deductibles following Large Terrorist Attacks -- Option 2: Permitting Insurers to Establish Tax-Deductible Reserves for Future Terrorism Losses -- Option 3: Forming a Group of Insurance Companies to Pool Assets for Terrorism Risks -- Option 4: Facilitating the Issuance of Onshore Catastrophe Bonds through Revisions to the Federal Tax Code.. - NBCR Coverage Generally is Unavailable in Commercial Property/Casualty Insurance and Reinsurance Policies, but the Exclusions Used to Limit Coverage could be Challenged in Court -- Property/Casualty Policyholders Report That NBCR Coverage Generally is Unavailable or Available at Prices They View as Unaffordable -- Workers' Compensation, Life, and Health Insurers Generally Cover NBCR Risks Due to State Requirements -- POTENTIAL FINANCIAL CONSEQUENCES OF NBCR ATTACKS LIMIT PROPERTY/CASUALTY INSURERS' WILLINGNESS TO OFFER COVERAGE -- INSURERS FOR OTHER LINES OF INSURANCE REPORT LIMITED CAPACITY TO MANAGE ASSOCIATED RISKS -- Commercial Property/Casualty Insurers and Reinsurers Are Concerned about the Uncertainty and Potential Enormity of Losses from NBCR Attacks -- Private Workers' Compensation Insurers Have Somewhat Greater Flexibility to Manage NBCR Risks by Choosing Which Employers to Offer Coverage, but Private Insurers and State Funds Face Other Risk Management Challenges -- Group Life and Health Insurers May Face Challenges in Managing NBCR Risks -- PROPOSALS TO INCREASE COVERAGE FOR NBCR ATTACKS IN THE PROPERTY/CASUALTY MARKET HAVE ADVANTAGES AND DISADVANTAGES -- Proposal 1: Amend TRIA to Require Insurers to Make NBCR Coverage Available with the Federal Government Assuming Greater Financial Responsibility for Potential Losses -- Proposal 2: Federal Government Completely Insures Losses for Terrorist Attacks involving NBCR Materials, with Insurers Administering the Program -- AGENCY COMMENTS AND OUR EVALUATION -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- APPENDIX II: COMMENTS FROM THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS -- APPENDIX II. (Continued) -- APPENDIX II. (Continued) -- APPENDIX II. (Continued) -- RELATED GAO PRODUCTS -- GAO'S MISSION -- END NOTES.. - Option 5: Revising Certain State Regulations and Insurance Coverage Requirements -- AGENCY COMMENTS -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- GAO'S MISSION -- END NOTES -- Chapter 5 TERRORISM INSURANCE: MEASURING AND PREDICTING LOSSES FROM UNCONVENTIONAL WEAPONS IS DIFFICULT, BUT SOME INDUSTRY EXPOSURE EXISTS -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- RESULTS IN BRIEF -- BACKGROUND -- State Regulation of Insurance Companies -- NBCR Weapons Represent Many Methods of Attack -- The Terrorism Risk Insurance Act Program -- APPLYING COMMON PRINCIPLES FOR ASSESSING INSURABILITY PRESENTS CHALLENGES IN MEASURING AND PREDICTING NBCR RISKS -- INSURERS' EXPOSURE TO NBCR RISKS VARIES WIDELY BY LINE OF INSURANCE, AND INSURERS OFFERING COVERAGE FACE CHALLENGES IN PRICING -- Relatively Little NBCR Coverage Available in Property/Casualty Market Because Most Insurers Remain Unwilling to Cover Risks -- Although Property/Casualty Insurers Remove Coverage for NBCR Events through Exclusions, They Could Be Challenged -- Demand for NBCR Coverage in Property/Casualty Market Is Difficult to Determine -- Insurers in Workers' Compensation, Life, and Health Generally Cover NBCR Risks, but Prices May Not Take Account of Potential Losses -- Workers' Compensation Insurance Generally Covers All Perils, Including NBCR Risks, but Pricing Challenges Exist -- According to Life Insurers, They Generally Cannot Exclude Terrorism Coverage Including NBCR Risks -- According to Health Insurers, They Face Unique Challenges in Determining Exposure to NBCR Risks -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- Principles of Insurability and Assessing Whether NBCR Risks Are Measurable and Predictable -- Assessing Exposure to NBCR Risks -- RELATED GAO PRODUCTS -- GAO'S MISSION -- END NOTES -- CHAPTER SOURCES -- INDEX -- Blank Page.
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| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781617285912
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