9/11 Insured Loss Hits $9.3Billion: Weiss
NU Online News Service, Sept. 4, 3:48 p.m. EDT
The new figure, according to the Palm Beach Gardens, Fla.-based ratings agency, was calculated after reviewing more than 2,150 financial statements filed with the National Association of Insurance Commissioners.
Among the insurers with the largest net claims is Stamford, Conn.-based General Reinsurance Corp. with nearly $1.42 billion 9/11-related net claims--which represent 34.6 percent of capital & surplus for the company.
Also in the large claims group are Allianz Insurance Company in Burbank, Calif., which has $625 million in 9/11-related net claims and St Paul Fire & Marine Insurance Co. in St. Paul, Minn., with $554.76 million in net claims.
Weiss observed that overall U.S. insurers have done a good job at spreading the risk. Melissa Gannon, vice president at the ratings firm, noted that, "although final claims may not be known for years, domestic insurers were effective at spreading the risk for such a catastrophic event."
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