Friday, October 12th, 2001 — AIG, the worlds largest insurer by market value, is now expecting $800 million in claims from the World Trade Center before taxes and net of reinsurance, Chairman Maurice Greenberg said in a conference call.
According to a Reuters report, this estimate is up from the firms initial estimate of $500 million in losses, made two days following the Sept.11 attack. Insurers and reinsurers worldwide have increased their loss estimates from the attack in recent weeks, and are now figuring to pay $40 billion or more in overall claims related to the tragedy.
Greenberg also said AIG would take $1.36 billion in one-time charges related to its purchase of insurer American General Corp. in its third-quarter results, expected on Oct. 25.