Two of New England’s largest insurers, Boston’s Liberty Mutual, and The Hartford confirmed pervious announcements concerning their potential loss exposures from the terrorist attacks on the World Trade Center and the Pentagon.
Liberty CEO Edmund F. Kelly extended “our deepest condolences to all those affected by last Tuesday’s tragic events.” The Liberty Group expects net after tax losses to be in the $200-$300 million range. It faces claims from nearly all areas of the insurance spectrum – workers compensation, commercial property, business interruption, commercial auto, general liability, personal auto, homeowners and life insurance.
Liberty affirmed it would not invoke any “war acts” exclusions in it policies, and Kelly assured policyholders that the company’s capital position and liquidity was sufficient to meet its obligations.
The Hartford’s CEO Ramani Ayer also extend condolences to the victims and their families and added that “nothing will fully compensate for the pain suffered by all those touched by the horrific event.
Hartford said its losses could approach $450 million after taxes and net of reinsurance, a figure which reflects the company’s best estimate as of today of its total exposure. It includes a $30 million estimate from Hartford Life.
Ayer also confirmed that no “act of war” exclusions would be applied to policies, and that The Hartford “has the financial strength and capacity to handle all its claims.”|”liberty, mutual,, hartford, confirm, estimates, of, terrorist, attack, losses
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