Standard & Poors announced that the direct financial losses relating to the disasters will in all likelihood exceed the largest insured losses ever yet seen. "Any attempt to quantify the financial impact of the recent terrorist actions in the U.S. must be purely speculative until more information becomes available, which may take weeks," said Steve Dreyer, managing director for U.S. Insurance Industry Ratings at S&P. "But the insurance industry is strongly capitalized and can withstand an enormous financial hit without threat to the stability of the system overall." "While we cannot yet endorse a specific estimate, companies so far have acknowledged about $4 billion in losses, a figure which will likely go much higher.
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