Insurers Pay to Rebuild NY Amidst More Fraud Warnings
Monday, October 15th, 2001 Fraud Life & HealthWhile State and Federal Funds will be called upon to help rebuild lower Manhattan after September‘s terrorist attacks, the insurance industry is already at work to help thousands of businesses and individuals begin the monumental task of reconstructing their lives. Estimates by the city comptroller‘s office indicate that the insurance industry will ultimately reimburse $17 billion in property losses, pay $4 billion in life insurance and cover $18 billion in economic losses. It‘s estimated that almost $4.5 billion has already been paid out, and that another $15 billion will be disbursed by the end of the year. The money is vital to resurrect the city‘s economy, and could even give it a "much needed jolt," according to Robert Hartwig, Chief economist for the Insurance Information Institute.
