|By PR Newswire||
|April 10, 2014 03:28 PM EDT||
WASHINGTON, April 10, 2014 /PRNewswire-USNewswire/ -- The Real Estate Roundtable today welcomed the findings of a RAND Corp. report that the nation's Terrorism Risk Insurance Act (TRIA) helps protect U.S. taxpayers — particularly for catastrophic events on the scale of 9/11 — and that the program's expiration at year-end would mean bigger federal outlays in the event of future terrorist attacks. The Roundtable is also encouraged by the introduction of a bipartisan Senate bill today that would extend TRIA for seven years, while making key reforms to further reduce taxpayer exposure.
"As the RAND study demonstrates, keeping TRIA in place is considerably cheaper for the federal government than allowing it to expire," said Roundtable President and CEO Jeffrey D. DeBoer, noting that there have been "zero" outlays since the program's original enactment in Nov. 2002. "Unless the law is reauthorized — and the sooner the better, given the impacts already being felt by policyholders across the country — terrorism risk will again be uninsurable, the nation will face unnecessary economic headwinds, and jobs will be lost," he added.
The RAND study, titled "The Impact of Eliminating the Terrorism Risk Insurance Program on Federal Spending," concludes that, for terrorist attacks with losses up to about $40 billion, taxpayers end up paying less with TRIA in place than if the law is allowed to sunset. Under the program, government spending is not triggered until losses exceed $30 billion and until significant insurer deductibles are met (20% of prior-year direct earned premiums for covered commercial lines). Even then, the government pays 85 percent, with mandatory recoupment from policyholders up to $27.5 billion and additional recoupment at the Treasury Secretary's discretion. (For this reason, the Congressional Budget Office has "scored" the current program at zero.)
The TRIA bill unveiled by Senator Charles Schumer (D-NY) — with Senators Dean Heller (R-NV), Mark Kirk (R-IL), Mike Johanns (R-NE), Jack Reed (D-RI) and Christopher Murphy (D-CT) as co-sponsors — would increase insurer co-pays from 15% to 20% for losses above the $30 billion threshold, while increasing the recoupment amount by $10 billion, to $37.5 billion. Senate Banking Chairman Tim Johnson (D-SD) and Ranking Republican Michael Crapo (R-ID) reportedly participated in the bipartisan talks leading up to today's announcement, and may sign onto the bill as well.
Without TRIA, the RAND study suggested, terrorism insurance is expected to become far less available (as it did after 9/11) — prompting more businesses to go uninsured, and, thus, increasing the likelihood that the federal government would need to step in with billions of dollars in emergency disaster aid. According to RAND, an attack equivalent to 9/11 would now cause insured losses of about $33 billion.
In The Roundtable's view, TRIA and its subsequent extensions protect taxpayers by enabling economic activity to proceed in the face of ongoing terrorist threats; allowing the economy to recover more quickly in the event of an actual attack; and reducing federal spending in the event of an attack comparable to 9/11.
"Terrorism is a unique and ever changing risk that is virtually impossible to model," said DeBoer. "TRIA helps markets work in the face of this unpredictability, providing a pool of private capital that absorbs first losses — before one dime of taxpayer money is ever spent. TRIA is also critical to commercial real estate's ability to obtain financing — and, thus, its continued recovery from recession — since lenders will not make loans without terrorism risk coverage on the collateral."
"For the sake of our economy — and to avert a job-killing credit crunch in commercial real estate — Congress must reauthorize TRIA and do so quickly. Time is of the essence," DeBoer concluded.
The study (www.rand.org) was prepared by the RAND Center for Catastrophic Risk Management and Compensation, and is the second of three RAND policy briefs being issued on TRIA this year.
SOURCE Real Estate Roundtable
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Sep. 24, 2016 09:45 PM EDT Reads: 1,584
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 24, 2016 09:30 PM EDT Reads: 3,317
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Sep. 24, 2016 09:15 PM EDT Reads: 1,188
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 24, 2016 09:00 PM EDT Reads: 1,404
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Sep. 24, 2016 08:30 PM EDT Reads: 1,432
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 24, 2016 08:00 PM EDT Reads: 1,641
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 24, 2016 07:00 PM EDT Reads: 2,771
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Sep. 24, 2016 06:45 PM EDT Reads: 1,466
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Sep. 24, 2016 04:30 PM EDT Reads: 1,692
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 24, 2016 04:30 PM EDT Reads: 1,500
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 24, 2016 04:00 PM EDT Reads: 1,537
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 24, 2016 03:00 PM EDT Reads: 1,021
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 24, 2016 01:30 PM EDT Reads: 1,672
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Sep. 24, 2016 01:00 PM EDT Reads: 1,480
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Sep. 24, 2016 12:00 PM EDT Reads: 744