Terrorist attacks: the cost so far
Insurers exposed to the US terrorist attacks are still revising their estimates upwards. Most are continuing to publish only figures for their final payout, ignoring a rising clamour for them to reveal their total exposure before reinsurance.
AIG, for example, has revised its payout estimate from $US 500 million to $US 800 million.
Reuters has compiled a list of exposures to date. It says the current total now exceeds $US30 billion, making it easily the biggest catastrophe ever. The Reuters list (with losses in US dollars) and some figures independently updated:
ACE (Bermuda) $550 million; AIG (US) $800 million; Allianz (Germany) $912.4 million; Axa (France) $550 million; Berkshire Hathaway (US) $2.2 billion; CNGU (UK) up to $51 million; Chubb (US) $600 million; CNA Financial (US) up to $350 million; Everest Re (Barbados) $75 million; Fairfax Financial (Canada) up to $125 million; GE (US) $600 million; Generali (Italy) $20 million; Hannover Re (Germany) $367 million; Markel (US) up to $75 million; MetLife (US) $300 million; Munich Re (Germany) $1.95 million; One Beacon (US) up to $175 million; PartnerRe (Bermuda) up to $400 million; Royal & SunAlliance (UK) $290 million; SCOR (France) up to $200 million; St Paul (US) $700 million; Swiss Re (Switzerland) $1.25 billion; Wellington (UK) $74 million; XL (Bermuda) $700 million; and Zurich (Switzerland) up to $900 million.
Lloyd’s (UK) $1.9 billion; Individual Lloyd’s underwriters BriT $102 million; Chaucer up to $18 million; Cox $44.2 million; Hiscox $29 million; Goshawk $12 million; Kiln $23.4 million; and QBE $124 million.