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.-basedratings agency, was calculated after reviewing more than 2,150financial statements filed with the National Association ofInsurance Commissioners.
|Among the insurers with the largest net claims is Stamford,Conn.-based General Reinsurance Corp. with nearly $1.42 billion9/11-related net claims--which represent 34.6 percent of capital& surplus for the company.
|Also in the large claims group are Allianz Insurance Company inBurbank, Calif., which has $625 million in 9/11-related net claimsand 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 jobat spreading the risk. Melissa Gannon, vice president at theratings firm, noted that, "although final claims may not be knownfor years, domestic insurers were effective at spreading the riskfor such a catastrophic event."
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