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This paper examines the recent market for terrorism insurance, detailing the history and goals of the United States Terrorism Risk Insurance Act (TRIA) in all its iterations. Reinsurance, coverage, reimbursement, and liability are discussed in the context of the Act, as well as benefits and consequences of government-support terrorism insurance. The market reactions to the September 11th, 2001 terrorist attacks are presented to discuss imperfect capital markets. Additionally, the future of Chemical, Nuclear, Biological and Radiological (CNBR) terrorism and its impact on insurance programs and markets is also discussed.
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