Distribution of Losses from Large Terrorist Attacks Under the Terrorism Risk Insurance Act (2005),9780833038654

Distribution of Losses from Large Terrorist Attacks Under the Terrorism Risk Insurance Act (2005)

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Edition: 1st
ISBN13: 9780833038654
ISBN10: 0833038656
Format: Paperback
Pub. Date: 2005-12-21
Publisher(s): RAND CORPORATION
List Price: $20.00

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Summary

The pending expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 is the impetus for this assessment of how TRIA redistributes terrorism losses, helping to inform policymakers on whether to extend, modify, or terminate it.

Table of Contents

The RAND Center for Terrorism Risk Management Policy (CTRMP) iii
Center for Terrorism Risk Management Policy Advisory Board v
Preface vii
Figures xiii
Tables xv
Summary xvii
Acknowledgments xxxv
CHAPTER ONE Introduction 1(6)
Background
1(2)
Research Approach
3(2)
Organization of This Book
5(2)
CHAPTER TWO The Terrorism Risk Insurance Act 7(8)
Overview
7(3)
Distribution of Losses Under 'FRIA
10(5)
Insurance Availability and Take-Up
11(1)
TRIA Eligibility
11(1)
Deductibles and Co-Payments
12(1)
Aggregate Insurance Marketplace Retention
12(1)
Coverage Ceiling
13(2)
CHAPTER THREE Terrorist Attack Scenarios 15(8)
Attack Scenarios
16(2)
Aircraft Impact
16(1)
Indoor Anthrax Release
17(1)
Outdoor Anthrax Release
17(1)
Losses and Compensation by Insurance Line
18(5)
CHAPTER FOUR The Distribution of Terrorist Attack Losses Under TRIA 23(20)
Uninsured Loss
23(1)
Life and Health Insurer Loss
23(1)
TRIA-Covered Loss
24(1)
Target Insurer Loss
25(4)
Aggregate Insurance Industry Annual TRIA Deductible
25(4)
Aggregate Insurer Co-Payment
29(1)
Distribution of Losses Under TRIA
29(11)
TRIA Loss Distributions for the Three Scenarios
30(3)
TRIA Loss Distributions for Cumulative Annual Losses
33(7)
TRIA Loss Distribution Regimes
40(3)
CHAPTER FIVE Distribution of Losses Under Possible Modifications to TRIA 43(16)
Reduce Uninsured Losses
43(4)
Mandate CBRN Coverage Availability
44(3)
Make Terrorism Coverage Mandatory
47(1)
Reduce Burden on Target Insurers: Decrease Insurer Deductibles
47(3)
Reduce Burden on Commercial Policyholders
50(3)
Increase Insurer Deductibles
51(1)
Decrease Insurance Marketplace Retention
51(2)
Reduce Burden on Taxpayers
53(3)
Increase Deductibles and/or Insurance Marketplace Retention
53(3)
Decrease Coverage Ceiling
56(1)
Summary of Alternatives
56(3)
CHAPTER SIX Conclusions and Implications for TRIA 59(8)
Taxpayer Role Under TRIA
60(2)
Uninsured Losses Under TRIA
62(1)
Target Insurer Subsidy
63(2)
The Renewal of TRIA
65(2)
APPENDIX
A. Estimating Losses and Insurance Compensation for Large Terrorist Attacks
67(34)
B. The RAND Anthrax Casualty Model and Casualty Distributions in the Indoor and Outdoor Anthrax Attacks
101(8)
C. Derivation of Equations (4.3) and (4.6)
109(4)
Bibliography 113

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