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One Year Later - I.I.I. Issues WTC Loss Estimate

The estimate of $40 billion in insured losses from the destruction of the World Trade Center has been around since shortly after the attack. However, it was given further credence on the 9/11 anniversary when the Insurance Information Institute issued a breakdown of estimated losses. The I.I.I. estimate of $40.2 billion includes: $11 billion (27 percent) in claims for business interruption; $10 billion (25 percent) in liability claims; $6 billion (15 percent) in property claims including vehicles, other than WTC buildings One and Two; $3.5 billion for WTC Buildings One and Two (9 percent); $3.5 billion (9 percent) for aviation liability; $2.7 billion (7 percent) in life insurance claims; $2 billion (5 percent) for Workers Comp claims; $1 billion for event cancellation claims (2 percent), and $500 million (1 percent) in hull claims for loss of four commercial aircraft. "9/11 is not only the biggest insured catastrophe ever, it is the most complex," said Gordon Stewart, President of I.I.I. "The vast majority of claims for homes and autos have been paid, but commercial claims are more varied and complicated. While many have been helped, this recovery process will take years," the I.I.I. executive predicted.