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 2008-07-11 monographic deposited born digital GA 1.13:GAO-08-919R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-919R P0b002ee18038d372 f:d08919r DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-08-919R machine generated eng fdlp REPORT GAOREPORTS-GAO-08-919R GAO-08-919R Brokerage industry Deductibles and Coinsurance Federal property Federal regulations Financial management Funds management Insurance Insurance companies Insurance cost control Insurance losses Insurance premiums Insurance regulation Liability (legal) Prices and pricing Property Property damages Property losses Reporting requirements Terrorism Cost estimates Treasury Terrorism Risk Insurance Program Correspondence A82808 The terrorist attacks of September 11, 2001, on the World Trade Center in New York City and the Pentagon in Arlington, Virginia, are estimated to have resulted in insured losses amounting to $32.5 billion. Subsequent to the attacks, insurers largely stopped offering terrorism insurance coverage to commercial property owners, which raised significant concerns about potential negative economic consequences. To help restore confidence and stability in property insurance markets, Congress enacted and the President signed the Terrorism Risk Insurance Act of 2002 (TRIA). Under TRIA, the federal government assumed significant responsibility for the potential insured financial losses associated with future terrorist attacks. While TRIA, which was reauthorized in 2005 and again in 2007, has been credited with stabilizing markets for commercial property insurance, some building owners, Members of Congress, and other industry participants remain concerned that there may still be gaps in coverage. In particular, they have expressed concerns about the ability of policyholders located in large urban areas that are viewed as being at high risk of attack to obtain terrorism insurance coverage. Under the 2007 statute that reauthorized TRIA coverage, GAO was required to conduct a study to determine if specific markets in the United States have any unique constraints on the amount of terrorism insurance available and to evaluate options to enhance coverage. This law required GAO to submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives no later than June 23, 2008. The purpose of this report is to document our compliance with this reporting requirement. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-919R/html/GAOREPORTS-GAO-08-919R.htm GAO-08-919R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-919R Correspondence GAO-08-919R; Initial Results on Availability of Terrorism Insurance in Specific Geographic Markets; Brokerage industry Deductibles and Coinsurance Federal property Federal regulations Financial management Funds management Insurance Insurance companies Insurance cost control Insurance losses Insurance premiums Insurance regulation Liability (legal) Prices and pricing Property Property damages Property losses Reporting requirements Terrorism Cost estimates Treasury Terrorism Risk Insurance Program Volume 116 Page 2322 116 Stat. 2322 Volume 119 Page 2660 119 Stat. 2660 Volume 121 Page 1839 121 Stat. 1839 Public Law 107-297 Public Law 109-144 Public Law 110-160