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LEADER 00000cam a2200589Ii 4500
006 m o d
007 cr cnu---unuuu
008 141003s2014 cau ob 000 0 eng d
020 9780833086983|q(electronic bk.)
020 0833086987|q(electronic bk.)
050 4 HG8054.5|b.D96 2014eb
082 04 368.4/8|223
100 1 Dworsky, Michael,|eauthor.
245 14 The impact on workers' compensation insurance markets of
allowing the Terrorism Risk Insurance Act to expire /
|cMichael Dworsky, Lloyd Dixon.
264 1 [Santa Monica, California] :|bRand Corporation,|c
264 4 |c©2014
300 1 online resource (20 pages).
338 online resource|bcr|2rdacarrier
490 1 Policy brief / Rand Corporation
500 "RR-643-CCRMC"--Page 4 of cover.
500 "RAND Center for Catastrophic Risk Management and
Compensation"--Page 4 of cover.
504 Includes bibliographical references.
520 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.
610 10 United States.|tTerrorism Risk Insurance Act of 2002.
650 0 Terrorism insurance|xGovernment policy|zUnited States.
650 0 Workers' compensation|zUnited States.
655 4 Electronic books.
700 1 Dixon, Lloyd S.,|eauthor.
710 2 Rand Corporation,|eissuing body.
710 2 RAND Center for Catastrophic Risk Management and
710 2 JSTOR|eissuing body.
776 08 |iPrint version:|aDworsky, Michael.|tImpact on workers'
compensation insurance markets of allowing the Terrorism
Risk Insurance Act to expire|z0833086642|w(OCoLC)881257388
830 0 Policy brief (Rand Corporation)
830 0 Books at JSTOR Open Access
856 40 |uhttps://ezp.lib.unimelb.edu.au/login?url=http://
www.jstor.org/stable/10.7249/j.ctt6wq9ht|zConnect to ebook
(University of Melbourne only)
990 JSTOR Open Access Books
990 Batch Ebook load (bud2) - do not edit, delete or attach
991 |zUPDATED Custom text change 2019-04-10
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