X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JERSEY CITY, N.J. – As many insurance industry experts speculated, already the September 11 terrorist attacks are the most expensive tragedy ever for insurers. A recently released Insurance Services Office report finds that property and business interruption insurance claims have already reached $16.6 billion-and are still climbing. The report, from ISO’s Property Claim Services division, cites statistical data from actual claims, as reported by insurers. The data includes business interruption claims, but not claims from other lines, such as workers’ compensation, liability and aviation. According to the report, $16 billion comes from New York commercial property claims, $550 million from personal property claims, $40 million from automobile claims and approximately $7 million from property claims related to the Pentagon attack. When other insurance costs such as liability insurance and workers compensation are factored in, experts estimate the final cost of the attacks will be in the range of $40 billion to $70 billion.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.