New terror: Insurer claims soaring.

Investment News, September, 2001 by Fritz, Michael

Cost of attacks could threaten the industry The insurance industry races a massive aftershock as cost estimates of the terrorist attacks on the World Trade Center and the Pentagon continue to grow. The financial tally--now likely to be far worse than originally thought -- adds a new level of woe to an industry already reeling from a weakened stock market.

Insurance losses from the Sept. 11 attacks could reach $72 billion, according to estimates in a report released last week by the London unit of insurance consultancy and actuary Milliman USA. That's more than double the $35 billion estimate previously cited by analysts for property-and-casualty and life insurance claims. NewYork rating agency Standard & Poor's Corp. says that a financial...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.