While continuing to express concern, grief and condolences for those who lost family, friends, colleagues and clients in the terrorist attack that destroyed New York City's World Trade Center this week, the insurance industry is going about the grim business of mobilizing armies of adjusters to assess the damages, as well as try to estimate the claims they face.
Industry-wide preliminary insured loss estimates are in the billions of dollars, with published estimates ranging from $15 billion to as high as $30 billion.
Munich Re announced that their exposure from the terrorist attack is up to $1 billion euros (just over $900 million at current exchange rates), while Swiss Re issued a statement saying it expects losses in the range of the 1999 European winter storms--Lothar and Martin--based on a first and rough estimation.
