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Prior to the September 2001 terrorist attacks on the United States,
insurers generally did not exclude or separately charge for
coverage of terrorism risk. The events of September 11, 2001,
changed this as insurers realized the extent of possible terrorism
losses. Congress responded to the disruption in the insurance
market by passing the Terrorism Risk Insurance Act of 2002 (P.L.
107-297). The goals of TRIA are to (1) protect consumers by
addressing market disruptions and ensuring the continued widespread
availability and affordability of commercial property/casualty
insurance for terrorism risk; and (2) allow for a transitional
period for the private markets to stabilize, resume pricing of such
insurance, and build capacity to absorb any future losses, while
preserving state insurance regulation and consumer protections. The
book looks at issues surrounding TRIA.
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