$20.3 Billion Cost Seen for Property Insurers

The Sept. 11 terrorist attacks will cost insurers $20.3 billion in property claims, 22% higher than previously estimated, according to Property Claims Services, a firm that tracks industry losses.

The new estimate reflects 49,000 claims in New York including 30,000 for personal property insurance, 15,000 for business insurance and 4,000 for automobiles, Property Claims Services said. The firm also said it tracked 2,000 claims for a total of $6.5 million from the attack on the Pentagon.

In March, the company said insurers would face property losses of $16.6 billion. Analysts and insurance executives have estimated total losses may reach $70 billion. The PCS estimate doesn’t include liability, aviation, workers’ compensation and life and health insurance claims.