The Terrorism Risk Insurance Act was created after 9/11 to serve as a crucial federal backstop for commercial real estate insurers, but an analysis of alternatives to fund the program reveals the continued challenges of measuring and predicting terror risk.

Congress developed TRIA to share terrorism losses between the government and insurers and promote widespread availability and affordability of terrorism coverage. Coverage is limited to incidents the government certifies as an act of terror and only kicks in once insurers' losses reach a certain threshold, $120 million in 2016.

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