9/11 – Insurance Claims Paid
September 11 attacks resulted in approximately $40 billion in insurance claims. This is the largest insured events ever in the history of Insurance.
Insurance payments due to 9/11 were over one and a half times greater than the largest disaster – Hurricane Andrew. Some details as under:
- Business Interruption Payments – US$11.0 billion
- Property Insurance Payments – US$9.6 billion
- Liability Insurance – US$7.5 billion
- Workmen Compensation – US$1.8 billion and
- Others Insurance payments – US$2.5 billion.
Re-insurers with largest losses include – Berkshire Hathaway, Lloyd’s, Swiss Re, and Munich Re – with more than $2 billion in losses for each.
Shares of major reinsurers, including Swiss Re and Baloise Insurance Group dropped by more than 10%; Shares of Swiss Life dropped over 7.8%.
Although the insurance industry held reserves that covered the 9/11 attacks, insurers were reluctant to continue providing coverage for future terrorist attacks. Only few insurers continue to offer such coverage.
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