Terrorist attacks top loss list. (Business Briefs).(World Trade Center attacks create largest insured losses for 2001)(Brief Article)

Financial Executive, March, 2002

Looking back at 2001, it's hardly surprising that the September 11 attacks tower over the rest of the insurance-loss field, creating the largest dollar-volume damage and the largest insured losses of the year. In fact, the devastation represented far and away the largest man-made catastrophe for the insurance industry of all time, according to data from Swiss Reinsurance Co.

At an estimated $19 billion in insured property and business interruption losses, the terrorist attacks created losses more than six times the previous record, the explosion at the Piper Alpha drilling platform in 1988 ($3 billion in current dollars). Overall losses stemming from the attacks are pegged at $90 billion, not including the indirect effect on the equity markets and the global...

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