Trade Center Loss Estimates Are Too Low, Analysts Say
From Reuters
NEW YORK —
Insurer estimates of losses from the destruction of the World Trade Center are too low and will need to be raised in coming months as the full extent of claims becomes clear, analysts at Moody’s Investors Service said Wednesday.
Overall losses arising from the attack are “nearly impossible to estimate at this time,” a Moody’s analyst said in a conference call with fund managers and media.
“Initial loss estimates may be insufficient, perhaps by a large amount, and claims will grow over time,” said Moody’s Ted Collins.
About 25 of the world’s largest insurers and reinsurers have estimated they will see more than $8 billion in claims, though analysts are estimating losses at more than $30 billion.
