Business Insurance After 9/11
Written by Marlo on Thursday, December 15th, 2011 in Small Business.
The terrorist attacks on the United States on September 11, 2001 resulted in one of the largest insurance losses in history. Reports differ. Some sources state that Hurricane Katrina caused greater losses, others find 9/11 to represent the most catastrophic insurance loss. All agree that losses exceeded $ 32 billion at a time when it was estimated worldwide insurance reserves were approximately $ 300 billion.
The loss involved property insurance, workers’ compensation, liability insurance, airline insurance, and many other facets of the insurance market. And today’s business insurance market was changed forever on that day.
