Today’s issue of WorkCompRecap features the California WCIRB’s recent release of a new study intended to estimate potential California workers’ compensation losses arising from certified terrorist acts.
The Workers’ Compensation California Terrorism Risk Assessment study was developed in partnership with Risk Management Solutions, Inc. (RMS), and examines losses that would be retained by insurers under the U.S. Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) for calendar year 2019. Key findings included a suggested 9.5% probability of triggering TRIPRA if a terrorism event occurs. Without TRIPRA, the estimated average annual loss for the WCIRB member portfolio was $27.9 million, versus $21 million with it.
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