Allianz and Berkshire Hathaway have joined Munich Re and Swiss Re in raising loss estimates for last weeks' terrorist attacks on the US.
Allianz and Berkshire Hathaway have joined Munich Re and Swiss Re in raising loss estimates for last weeks' terrorist attacks on the US, according to the Financial Times.
Allianz, Europe's largest insurer, cut its forecast for full year net profits to Euro1.7bn (£1.08bn) from Euro2bn (£1.27bn) because of the scale of damage caused by the destruction of the World Trade Center.
Berkshire Hathaway, which is controlled by the investor Warren Buffett, said it expected $2.2bn (£1.5bn) in pre-tax losses arising from the attacks.
The disaster is now expected to cost the insurance industry around $30bn (£20.5bn) - double the original estimates.
Allianz said it expected losses relating to aviation, property and business interuption claims would be Euro1bn (£632.5m), an increase on the E700m (£442.8m) figure it had issued earlier in the week.
Berkshire Hathaway said its figure was based on estimates that it could pick up between 3% and 5% of overall insurance industry losses.
Allianz said that the fall in net profits did not affect the solidity of the group and said that it was already paying out claims in the US.
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