9/11 and Insurance, One Year Later

Friday, September 6th, 2002 — One year after the terrorist attacks in New York, Virginia and Pennsylvania, the Insurance Information Institute estimates that the total insurance loss from Sept. 11 will ultimately be about $40.2 billion.

"9/11 is not only the biggest insured catastrophe ever, it is the most complex," Gordon Stewart, president of the Insurance Information Institute, reports. "The vast majority of claims for homes and autos have been paid, but commercial claims are more varied and complicated. While many have been helped, this recovery process will take years."

Companies that report claims information to the New York Department of Insurance indicate that more than 33,000 claims have been filed to date. Two-thirds of those claims come from commercial businesses, many in the Lower Manhattan area surrounding the World Trade Center site.