Business Services Industry
Insurers shaken but solvent-so far.(financial impact of terrorist attacks in U.S. on insurance industry)(Statistical Data Included)
Business Insurance, October, 2001 by Mcleod, Douglas
NEW YORK-The financial shock of the Sept. 11 terrorist attacks will leave most insurers and reinsurers damaged but still solvent. The extent of the damage, though, will depend on the ultimate industrywide loss: Estimates in the last week have ranged from $30 billion to $72 billion. And the higher the number goes, the greater the risk of insurer and reinsurer failures.
``Assuming that this is not a $50 billion event, this is something that the industry can manage,'' said Mark Puccia, managing director with Standard & Poor's Corp. in New York. ``It could be double to triple what (Hurricane) Andrew was, and the industry can manage it with only modest impact. ``If this becomes a $50 billion event, it's a whole new ballgame in terms of insurer solvency,'' Mr....
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