New York Attack Caused Record Losses for Property Insurers
Friday, December 21st, 2001 PropertyInitial Swiss Re estimates say that 2001 was a very costly year for property insurers. In a PRNewswire report, man-made and natural catastrophes claimed more than 33,000 lives worldwide in 2001, with the direct financial loss from major events expected to be more than $115 billion, of which more than $32 billion will be borne by the insurance industry. The insured property and business interruption losses alone caused by the terrorist attacks of Sept. 11 are thought to be $19 billion. Those figures do not include the indirect negative impact on the equity markets and the global economy. The attack in September, with a forecasted $90 billion damage, registered the greatest economic loss by far, but billion-dollar losses this year were also results of the Code Red computer worm and the explosion of a drilling platform off the coast of Brazil.
