Under the Terrorism Risk Insurance Program Reauthorization Act of 2015, what is the trigger limit for claims in the year 2018?

The Terrorism Risk Insurance Program Reauthorization Act of 2015 outlines certain thresholds and thresholds are adjusted annually based on inflation and other factors. In 2018, the trigger limit for claims was set at $160 million. This means that for an event to qualify for federal compensation under the program, the total losses must exceed this amount. The program is designed to provide a backstop for insurance claims related to acts of terrorism, and the trigger limit ensures that only significant events are considered for federal assistance, thus protecting the insurance market from the financial impact of smaller incidents.

This figure is crucial for understanding how the program functions as it establishes a threshold that reflects the government's commitment to support insurance coverage for terrorist events while avoiding excessive claims for less impactful incidents.