Experts Mull Over Attack Loss Estimates, Legal Issues, Claims

Thursday, September 20th, 2001 Life & Health Litigation

Industrywide loss estimates that were put at $15 billion a day after the Sept. 11 terrorist attacks on America, and doubled less than a week later, are still climbing as individual property-casualty insurers and reinsurers assess the potential impact. With aggregate loss estimates announced by p-c and life insurers already over $10 billion, one rating agency, A.M. Best, said there's a potential for more than $30 billion in losses across both segments, and another, Fitch, calls the ultimate industry number unquantifiable. Risk Management Solutions, a catastrophe-modeling firm in Newark, Calif. estimates $7-to-$11 billion in property losses alone--including building, contents, and direct business interruption.

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http://www.nationalunderwriter.com/pandc/hotnews/ArcPC.asp?article=9_20_01_12_2708.xml

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