Within hours following the terrorist attacks on the World Trade Center, global insurers and reinsurers began the task of assessing the breadth and depth of the losses incurred by their businesses.With losses separated into five categories-property damage, business interruption, casualty, aviation and liability-estimates indicate that insurers worldwide may pay out as much as $70 billion as a result of the September 11 attacks in what will represent the most expensive disaster insurers have ever experienced.
Life and property insurer The Hartford Financial Services Group Inc., Hartford, Conn., reports it will absorb a third-quarter loss of $440 million for claims arising from the destruction of the World Trade Center.
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