Insurers exposed to the 11 September attacks have suffered huge losses on their investment portfolios, according to a report by Oxford Metrica.
The financial consultancy's report found insurers exposed to the attacks have suffered a 20% decline in market capitalisation since 11 September.
However, it added that reserves among all insurers were able to meet liabilities from their 11 September exposures.
Aon UK chairman Dennis Mahoney said: "The stock market slump is now undoubtedly the most significant factor influencing the future of the insurance industry, as insurers strive to maintain solvency levels and balance their assets and liabilities.
"Significantly, the stock market provides us with perhaps the most transparent verdict as to the future cash flow potential of each insurer.
"From this perspective, the US and Bermuda insurers appear to be in a far more robust position going into 2003 with none suffering more than a 13% decline in market capitalisation."
