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The Resource The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire, Michael Dworsky, Lloyd Dixon

The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire, Michael Dworsky, Lloyd Dixon

Label
The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire
Title
The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire
Statement of responsibility
Michael Dworsky, Lloyd Dixon
Creator
Contributor
Author
Issuing body
Subject
Language
eng
Summary
Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002, in response to terrorism insurance becoming unavailable or, when offered, extremely costly in the wake of the 9/11 attacks. The law provides a government reinsurance backstop in the case of a terrorist attack by providing mechanisms for avoiding an immediate drawdown of capital for insured losses or possibly covering the most extreme losses. Extended first in 2005 and again in 2007, TRIA is set to expire at the end of 2014, and Congress is again reconsidering the appropriate government role in terrorism insurance markets. This policy brief examines how markets for workers' compensation (WC) insurance would be affected if TRIA were to expire. They explain that TRIA expiration would affect WC insurance markets differently from other insurance markets because WC statutes rigidly define the terms of coverage, such that in a post-TRIA world insurance companies would limit their terrorism risk exposure by declining coverage to employers facing high terrorism risk. Because WC coverage is mandatory for nearly all U.S. employers, employers that cannot purchase coverage would be forced to obtain coverage in markets of last resort. Migration of terrorism risk to these markets of last resort would increase the likelihood that WC losses from a catastrophic terror attack would largely be financed by businesses and taxpayers throughout the state in which the attack occurs, adding to the challenge of rebuilding in that state. TRIA, in contrast, spreads such risk across the country
Member of
Cataloging source
JSTOR
http://library.link/vocab/creatorName
Dworsky, Michael
Dewey number
368.4/8
Index
no index present
LC call number
HG8054.5
LC item number
.D96 2014eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Dixon, Lloyd S.
  • Rand Corporation
  • RAND Center for Catastrophic Risk Management and Compensation
Series statement
Policy brief / Rand Corporation
http://library.link/vocab/subjectName
  • United States.
  • Terrorism insurance
  • Workers' compensation
Label
The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire, Michael Dworsky, Lloyd Dixon
Instantiates
Publication
Copyright
Note
  • "RR-643-CCRMC"--Page 4 of cover
  • "RAND Center for Catastrophic Risk Management and Compensation"--Page 4 of cover
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (20 pages).
File format
unknown
Form of item
online
Isbn
9780833086983
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
Label
The impact on workers' compensation insurance markets of allowing the Terrorism Risk Insurance Act to expire, Michael Dworsky, Lloyd Dixon
Publication
Copyright
Note
  • "RR-643-CCRMC"--Page 4 of cover
  • "RAND Center for Catastrophic Risk Management and Compensation"--Page 4 of cover
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (20 pages).
File format
unknown
Form of item
online
Isbn
9780833086983
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote

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