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In the wake of the terrorist attacks of September 11, 2001, terrorism risk insurance quickly became either unavailable or very expensive. Congress reacted by passing the Terrorism Risk Insurance Act, which provides an assurance of government support after a catastrophic attack.
This has helped keep terrorism risk insurance affordable for businesses. The program will expire at the end of this year and Congress is considering the appropriate government role in terrorism insurance markets.
iHLS – Israel Homeland Security
According to HLS News Wire federal spending after future terrorist attacks on the United States may be higher if the nation’s terrorism risk insurance program is allowed to expire, according to a new RAND Corporation study.
The analysis finds that in a terrorist attack with losses up to $50 billion, the federal government would spend more helping to cover losses than if it had continued to support a national terrorism risk insurance program.
