Canadian Underwriter

U.S. insurer exposure to 9/11 reaches US$9.3 billion

September 5, 2003   by Canadian Underwriter

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Net claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.
Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC) indicates that as of the end of 2002 the total had reached US$9.3 billion, up from US$8.5 billion at the end of 2001.
Top insurer exposures in net claims include:
General Reinsurance Corp. (US$1.42 billion)
Allianz Insurance Co. (US$625 million)
St. Paul Fire & Marine Insurance Co. (US$555 million)
National Indemnity Co. (US$500 million)
American Re (US$452 million)
Federal Insurance Co. (US$426 million)
Swiss Reinsurance America Corp. (US$346 million)
Factory Mutual Insurance Co. (US$270 million)
Hartford Fire Insurance Co. (US$269 million)
Hartford Accident & Indemnity Co. (US$212 million)
More than 20% of losses recorded belong to the two Berkshire Hathaway companies General Re and National Indemnity.
Weiss notes that final numbers may not be known for many years to come.

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