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Institute: Attacks Will Cost $40 Billion

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NU Online News Service, Sept. 5, 2:35 p.m. – The Insurance Information Institute, New York, estimates that the total insurance loss from 9/11 one year after the terrorist attacks in New York, Virginia and Pennsylvania will ultimately be about $40 billion.

The estimate in insured losses includes $2.7 billion (7%) in life insurance claims.

Companies that report claims information to the New York Department of Insurance indicate that more than 33,000 claims have been filed to date, III says.

Two-thirds of those claims come from commercial businesses, many in the Lower Manhattan area surrounding the World Trade Center site. These tend to involve property damage, business interruption and workers compensation. Thousands of claims have also been filed for life and disability insurance.