Insurers in U.S. withstood Sept. 11.(News)(World Trade Center and Pentagon Attacks, 2001)

Business Insurance, September, 2004 by McLeod, Douglas

Byline: DOUGLAS McLEOD The Sept. 11, 2001, terrorist attacks, the worst insured catastrophe in American history, were not costly enough to trigger failures of any U.S. insurance companies, according to a university researcher's study. "There was this major fear that our insurance industry would be wiped out by these acts simply because of the enormous payouts,'' said John Fitzgerald, a finance and insurance professor at Ball State University in Muncie, Ind., who expects to finalize the study in the coming weeks.

"However, the only business failures were actually normal exits from the industry.'' While initial estimates of Sept. 11 losses ranged as high as $70 billion in the weeks after the attacks, actual damage payments have amounted to between $30...

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