New York Insurance Superintendent Gregory V. Serio’s decision to allow insurers to build “catastrophe loads” into their workers’ compensation reserves is a positive step toward dealing with potential disasters, according to the American Insurance Association (AIA).
“Workers’ compensation insurers who cover large numbers of workers in dense locations have taken on much greater risk as a result of the September 11 terrorist attacks,” Michael Murphy, AIA assistant vice president, northeast region, said. “The Superintendent’s decision to allow catastrophe loads in reserve calculations is recognition of the increased risk and will give insurers a tool to manage that risk.”
This is the first time workers’ compensation insurers in New York will be allowed to build catastrophe loads into their reserves. The decision was part of the Superintendent’s ruling on workers’ compensation rates that will take effect
Oct. 1.
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