United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2001-10-24 monographic deposited born digital 22 p. GA 1.13:GAO-02-199T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-199T P0b002ee1803801e9 f:d02199t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-02-199T machine generated eng fdlp REPORT GAOREPORTS-GAO-02-199T GAO-02-199T Insurance regulation Interagency relations Liability insurance Risk management Terrorism Testimony A02365 Prior to September 11, 2001, insurance coverage for losses from terrorism was a normal feature of insurance contracts. The September 11th attacks have changed insurers' perception of their perceived risk exposure. Both insurers and reinsurers indicate that they do not know how much to charge for this coverage and since they cannot predict future losses they may exclude insurance for terrorism from future contracts unless the federal government provides some guidance to the industry. A number of insurance programs now exist in the United States and other countries to ensure that insurance will be available to cover risks that the private sector has been unable or unwilling to cover by itself, including losses from catastrophic events and terrorism. For government insurance programs, the question of long-term cost and program funding needs to be addressed before any program is established. Some federal insurance programs have a statutory intent to provide subsidized coverage, while others are intended to be self-funding. Regardless of statutory intent, if federal insurance is underpriced relative to its long-run costs and the federal government pays the difference, a government subsidy results. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-199T/html/GAOREPORTS-GAO-02-199T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-199T/pdf/GAOREPORTS-GAO-02-199T.pdf GAO-02-199T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-199T Testimony GAO-02-199T; Terrorism Insurance: Alternative Programs for Protecting Insurance Consumers; Insurance regulation Interagency relations Liability insurance Risk management Terrorism Public Law 90-448