Insurance Stocks Pummeled in International Trade

Tuesday, September 11th, 2001 Catastrophe Risk Management

The New York Stock Exchange indicated that it would not resume trade on Wednesday. Reuters reported that U.S. stock markets had been shut down in the wake of terrorist attacks on New York‘s World Trade Center and the U.S. Pentagon near Washington, D.C., on Sept. 11. European stock markets, and especially insurance shares, were particularly hard hit following the terrorist attacks. At the same time that insurance stocks were falling, oil stocks were gaining, according to Reuters. Overall, the insurance sector reportedly dropped 11 percent, while Swiss Re fell 15.7 percent, Axa plummeted 13.3 percent, and Royal & Sun Alliance dropped 14.44 percent.

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http://www.insurancejournal.com/html/ijweb/breakingnews/national/na0901/na09110110.htm

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