Zurich Doubles Estimate For Terrorist Losses To $900 Million
Monday, October 8th, 2001 CatastropheZurich Financial Services in Zurich, Switzerland announced today that its pretax losses from the terrorist attacks on the United States are now estimated to fall in the $700-$900 million range. In a prior announcement, on Sept. 12, the company had indicated that net losses would be less than $400 million. In today's announcement, the company cited uncertainty about the ultimate resolution of claims to explain the wide range in estimates. The new range of figures is net of reinsurance and includes reinstatement premiums. The company said estimated losses represent less than 2 percent of its gross annual premium volume of $55 billion, noting that its exposure to losses come primarily from its direct non-life and reinsurance businesses. Zurich Financial noted that its Farmers Property & Casualty Group and U.S. life operations are largely unaffected.
