Rand Study Concludes Failure to Extend TRIA Would Cost the Federal Government More

//Rand Study Concludes Failure to Extend TRIA Would Cost the Federal Government More

Rand Study Concludes Failure to Extend TRIA Would Cost the Federal Government More

The Rand Corporation has released its study of the impact on federal spending of failure to extend the provisions of TRIA. The study may be accessed through a link at http://www.rand.org/pubs/research_reports/RR611.html?utm_source=Ennouncements+5-1-2014&utm_campaign=Ennouncements+5-01-14&utm_medium=email

Key findings of the study include:

  • For terrorist attacks with losses less than about $50 billion, having the Terrorism Risk Insurance Act (TRIA) in place will lead to less federal spending than if TRIA were eliminated.
  • Eliminating TRIA could increase federal spending by $1.5 billion to $7 billion for terrorist attacks with losses ranging from $14 billion to $26 billion.
  • The greater federal spending without TRIA would result from less insurance coverage, leading to greater uninsured loss and hence greater demand for federal disaster assistance.
  • For attacks with greater losses, the federal government pays a portion of the losses. When considering both disaster assistance and spending through the program, the federal government would pay less without the program if losses exceed about $50 billion.
  • In the absence of a terrorist attack, TRIA costs taxpayers little, and in the event of a terrorist attack comparable to any experienced before, it is expected to save taxpayers money.
By | 2014-05-01T20:54:22+00:00 May 1st, 2014|Categories: Uncategorized|Comments Off on Rand Study Concludes Failure to Extend TRIA Would Cost the Federal Government More

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