One year after the terrorist attacks in New York, Virginia and Pennsylvania, the Insurance Information Institute estimates that the total insurance loss from September 11 will ultimately be about $40.2 billion. "9/11 is not only the biggest insured catastrophe ever, it is the most complex," says Gordon Stewart, president of the Insurance Information Institute. "The vast majority of claims for homes and autos have been paid, but commercial claims are more varied and complicated. While many have been helped, this recovery process will take years." The I.I.I. estimate of $40.2 billion in insured losses includes:
---$11 billion (27 percent) in claims for business interruption;
---$10 billion (25 percent) in liability claims;
---$6 billion (15 percent) in property claims for damage to property, including vehicles, other than World Trade Center buildings One and Two;
---$3.5 billion (9 percent) in property claims for WTC buildings One and Two;
---$3.5 billion (9 percent) for aviation liability;
---$2.7 billion (7 percent) in life insurance claims;
---$2 billion (5 percent) for workers compensation claims;
---$1 billion (2 percent) in claims for event cancellation and
---$500 million (1 percent) in hull claims for the loss of the four commercial aircraft.
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9/11
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Posted - 09/16/2002 : 18:23:59
