Insurance Companies Bankrupt?

Thu Sep 13, 2001 6:52 pm

Will they? Thousands of people must have been killed!
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Joined: Sun Jun 11, 2000 3:50 am

RE: Insurance Companies Bankrupt?

Thu Sep 13, 2001 6:54 pm

You know, I was thinking the same thing. Maybe they can make it through this.

Posts: 74
Joined: Thu Aug 16, 2001 7:40 pm

RE: Insurance Companies Bankrupt?

Thu Sep 13, 2001 7:58 pm

Although it will be very hard to them and they will lose a lot of money (about $15,000,000,000), I think they will definitely make it thru this.
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Joined: Sun May 21, 2000 6:22 pm

RE: Insurance Companies Bankrupt?

Thu Sep 13, 2001 10:48 pm

As I work for a major insurance company, I had a few infos already. No insurance company will go bankrupt because of this, but some will feel it for the next few years (and of course the shareholders).

About those 15bio US$: I personally would count more, about the double.

dominguez(dash)online(dot)ch ... Pushing the limits of my equipment
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RE: Insurance Companies Bankrupt?

Thu Sep 13, 2001 11:04 pm

I heard the number is up to $20,000,000,000. NATO gov'ts are assuring financial backing so a global recession is averted as a result (whatever that means)
"Shaddap you!"
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RE: Insurance Companies Bankrupt?

Thu Sep 13, 2001 11:31 pm

I too work for a "major" insurance company here in the US.

For those that died, many life insurance policies are void in the instances of terrorists attacks. My belief is that it would be waived.

On the property and casualty side, the costs would be dramatic!

When Hurricane Andrew hit Florida, many small companies just went out of business, same with the San Francisco and LA earthquakes.

My company has already mobilized its claims teams and they are on site in NY.

As I am in the corporate offices, I am kind of removed from the front line, but I have spent some time working "CAT" (catastrophe) dutie. It is one of the hardest, but most rewarding things I ever did. The difference is that the ones I worked on had nowhere near the huge loss of life that this one has!

My thoughts and prayers go out to the victims and their families!


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