Rating agencies, A.M. Best in Oldwick, N.J. and Fitch in Chicago, both issued statements this morning listing reasons to be skeptical of the insurance industry ultimate loss estimates that have come out since last week's attacks on the World Trade Center and the Pentagon.
The Best statement expressed the belief that losses will exceed $30 billion, "the complexity and scope of the events could give rise to claims not yet anticipated," the rating agency said.
The $30 billion figure is based on public indications made by companies potentially affected and on Best's own analysis, the statement said, adding that the legal definition of whether this was a single or multiple event is another factor that makes estimates uncertain.
