The Federal Role in Terrorism Insurance: Evaluating Alternatives in an Uncertain World

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Rand Corporation, Oct 23, 2007 - Law - 148 pages
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What are the Terrorism Risk Insurance Act's effects on the market for terrorism insurance? What would be the effect of enhancing provisions for nuclear, biological, chemical, and radiological (NBCR) attacks? The authors conclude that the program yields positive outcomes in a number of dimensions for conventional attacks and identify specific reforms that can improve results for NBCR attacks.
 

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Contents

Organization of This Monograph
3
Outcome Measures
12
Tables
13
Experimental Design
26
Consequences of Allowing TRIA to Expire
29
TradeOffs Between Taxpayers and Insurers
37
Cost to Future Policyholders
43
CHAPTER FOUR
49
Implications of Findings for Recent Legislation
71
Exceedance Probability Distributions for Conventional and NBCR
80
Kevin Scroggin Hemant Shah
81
Approach Used to Calculate Change in TakeUp Rate
89
LossDistribution Model
99
Identifying Key Factors Driving TradeOffs Between Interventions
107
Probability Distributions for Conventional and NBCR Attacks
112
References
117

TradeOffs Between Taxpayers and the Insurance Industry
59
Extending TRIA to Cover NBCRAttack Losses When the Cap Is Already Hard
65

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About the author (2007)

Lloyd S. Dixon (Ph.D., Economics, 1989, University of California at Berkeley) is a Senior Economist, RAND, Santa Monica, CA.

Robert J. Lempert (Ph.D., Applied Physics, Harvard University) is a senior physical scientist at RAND. Dr. Lempert's recent work has focused on science and technology policy. He has led studies on science and technology planning for the Defense Advanced P

Tom LaTourette (Ph.D., California Institute of Technology) is an associate physical scientist at RAND.

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