By Lloyd Dixon, John Arlington, Stephen J. Carroll, Darius N. Lakdawalla, Robert T. Reville
Examines the significant matters in teh debate over even if to increase, alter, or finish the Terrorism probability assurance Act of 2002, which calls for insurers to make terrorism assurance on hand to advertisement policyholders.
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Extra resources for Issues and Options for Government Intervention in the Market for Terrorism Insurance
Example text
The federal government would set the prices for terrorism coverage, with no attempt to risk-rate premiums by location. Premiums would be reduced, however, for businesses that adopted standard security measures. Terrorism coverage would include CBRN attacks, and would be required up to the same limits as with other lines of insurance. S. Treasury if losses exceeded reserves but would be required to pay back the Treasury through surcharges on premiums over time. Advantages. Everyone who purchases insurance would receive terrorism coverage.
29 With regard to economic efficiency, there appears to be less rationale for broadening the definition of terrorism than there is with regard to equity, at least so far. The exclusion of domestic terrorism from TRIA appears to have created few problems for the insurance industry, up until now. As discussed above, insurance for domestic terrorism appears to be widely available at reasonable prices. The economic efficiency calculus, however, could change quickly. 30 There appears to be little reason to broaden the definition of terrorism on national security grounds.
____________ 1 In general, a "direct-earned premium" is the portion of gross premium collected from a policyholder, before the deduction for reinsurance premiums, for which all or part of the insurance policy term has expired. ) Under Treasury Department regulations issued to implement TRIA, the direct-earned premium is the premium information reported by insurers in Column 2 of the “NAIC Exhibit of Premiums and Losses of the Annual Statement” (commonly known as Statutory Page 14). 5(d)(1). 33 References Ackerlof, George, and William Dickens, “The Economic Consequences of Cognitive Dissonance,” American Economic Review, Vol.
