Workers' Compensation Losses Might Top $1 Billion.(Terrorist attacks' impact on workers' compensation insurance industry)(Brief Article)(Statistical Data Included)

National Underwriter Property & Casualty-Risk & Benefits Management, September, 2001 by Hays, Daniel

Workers' compensation insurance company losses from the terrorist attack that killed and injured thousands inside New York's World Trade Center complex could hit $1 billion or a multiple of that figure, industry executives say. New York State's residual market fund, however, was expected to emerge relatively unscathed.

"With over 5,000 people reported as missing in the World Trade Center collapse, there could be hundreds of millions, or even billions of dollars in workers' compensation losses. This is an unprecedented amount for one event," said Nancy Schroeder, assistant vice president, workers' comp for the National Association of Independent Insurers in Des Plaines, Ill. John Cucci, vice president for the Northeast region of the Alliance of American...

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