Insured-property losses from the Sept. 11 terrorism attack on the World Trade Center and the Pentagon are now estimated at $20.3 billion, up from the $16.6 billion that Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit had reported immediately following the event.
The Sept. 11 terrorism attack is the costliest U.S. catastrophe ever, surpassing insured losses from Hurricane Andrew in 1992, which, on an inflation-adjusted basis, is estimated to be $19.6 billion.
PCS's preliminary insured-loss estimate of $16.6 billion was based on claims information available at that time for personal and commercial lines of insurance. The ISO unit resurveys catastrophe losses, after issuing preliminary estimates, if insured-property losses exceed $250 million or specific circumstances relating to a catastrophe require additional analysis.
