# New York Attack Caused Record Losses for Property Insurers 

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Initial Swiss Re estimates say that 2001 was a very costly year for property insurers. 

In a PRNewswire report, man-made and natural catastrophes claimed more than 33,000 lives worldwide in 2001, with the direct financial loss from major events expected to be more than $115 billion, of which more than $32 billion will be borne by the insurance industry. The insured property and business interruption losses alone caused by the terrorist attacks of Sept. 11 are thought to be $19 billion. Those figures do not include the indirect negative impact on the equity markets and the global economy. 

The attack in September, with a forecasted $90 billion damage, registered the greatest economic loss by far, but billion-dollar losses this year were also results of the Code Red computer worm and the explosion of a drilling platform off the coast of Brazil.

Sources:
- Insurance Journal (http://www.insurancejournal.com/html/ijweb/breakingnews/national/na1201/na1221011.htm)