The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire

The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire

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Congress enacted the Terrorism Risk Insurance Act (TRIA) in response to the terrorism insurance industry contraction after the 9/11 attacks. With TRIA set to expire, this policy brief examines the federal spending implications of TRIA. The authors find that, in the absence of a terrorist attack, TRIA costs taxpayers relatively little, and in the event of an attack comparable to any experienced before, it is expected to save taxpayers money.