Bermuda-based IPC Holdings, Ltd., which is controlled by American International Group, increased its estimated impact of losses from the attacks of September 11 from $75 million to $95 million, “based on updated communications from some of its clients.”
The new estimates follow a review by the company with a number of its insureds that indicated that some, who had initially said they did no expect to have significant losses, had now been affected to a greater degree than anticipated, and others had increased their damage estimates.
IPC said it would continue to review its estimates from time to time as it receives more information.
Was this article valuable?
Here are more articles you may enjoy.