Study Analyzes Effects of 9/11 on Nationwide Workers‘ Comp Insurers
Friday, January 11th, 2002 Workers' CompensationAccording to a Standard & Poor‘s study released Jan. 9, the effects of the Sept. 11 attacks are taking a toll on workers compensation insurers. Rates are ready to rise and it has become increasingly difficult for employers to obtain coverage. As reported in the Wall Street Journal, insurers have realized that there are concentrations of risk that have not been previously considered in underwriting decisions. Catastrophic workers‘ comp losses were not an issue before the Sept. 11 terrorist attacks, according to Robert Smith of Willis Group Holdings Ltd., and now large companies grouped in one area are considered a significant risk. The executive officer states that agents and brokers are now required to list locations of more than 100 employees by most insurers, and in many cases disqualifying those companies from being insured.
