The St. Paul Companies announced that the terrorist attacks of Sept. 11 will likely result in estimated net pretax losses of approximately $700 million to the company from its U.S. primary insurance, reinsurance and Lloyd’s of London operations.
The company’s estimate is based on a total insured loss of between $30 billion and $35 billion for the industry. However, it will take more time before the total industry loss is clear. The St. Paul’s net loss comprises all losses from all lines of insurance, and takes into account the company’s various reinsurance arrangements, its catastrophe reinsurance program, the corporate reinsurance program, and a provision for potentially unrecoverable reinsurance.
Topics Profit Loss Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
‘Structural Shift’ Occurring in California Surplus Lines 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Fingerprints, Background Checks for Florida Insurance Execs, Directors, Stockholders? 
Trump’s EPA Rollbacks Will Reverberate for ‘Decades’ 
