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Workers' comp insurers to be hardest hit if Terrorism Insurance Act not extended, warns industry journal

(2/9/2023) - Insurance Day reports that workers’ compensation insurers look set to be the hardest hit within the industry if the US Congress fails to extend the Terrorism Risk Insurance Act (Tria) when it expires at the end of 2005.

According to the article, while the end of Tria would spell a huge increase in exposure for workers' comp carriers and major property holders, a report from rating agency Standard & Poor's (S&P) said that property/casualty (p/c) insurers would effectively withdraw from the market or provide coverage at rates they believe are high enough to insulate them from the risks associated with another major attack.

According to the article, the report warned that workers' comp insurers may face huge liabilities in the absence of a government-backed terrorism insurance program.

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