According to a report released by the Insurance Services Office (ISO), U.S. property and casualty insurers paid $24 billion in claims for 2001—the largest amount ever—mainly a result of the terrorist attacks on the World Trade Center. More than $16 billion were related to the terrorist attacks. While the $24 billion amount is staggering, it could be adjusted even higher depending on the outcome of lawsuits related to 9/11. Last year, insurers only paid out $4.3 billion in claims. Also part of the 2001 tally, insurers paid out $2.5 billion because of destruction caused by Tropical Storm Allison and $1.9 billion as a result of a St. Louis hailstorm.
Topics Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Preparing for an AI Native Future 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions From This Issue
