Tuesday, September 18th, 2001 — Workers' compensation insurance company losses from the terrorist attack that killed and injured thousands inside New York's World Trade Center complex could hit $1 billion or a multiple of that figure, industry executives say.
New York State's residual market fund, however, was expected to emerge relatively unscathed.
"With over 5,000 people reported as missing in the World Trade Center collapse, there could be hundreds of millions, or even billions of dollars in workers' compensation losses. This is an unprecedented amount for one event," said Nancy Schroeder, assistant vice president, workers' comp for the National Association of Independent Insurers in Des Plaines, Ill.
John Cucci, vice president for the Northeast region of the Alliance of American Insurers in New York, said the overall workers' comp loss figure "could go up to a billion [dollars]."