The US plane hijacking disaster has sent shockwaves through the insurance market.
Analysts are predicting that insured damages could run into billions.
Richard Shaw of Credit Lyonnais said: “Insured damages could cost billions of dollars. Reinsurers such as Swiss Re and Munich Re saw progressively larger falls in their stocks as today's events unfolded.
“Swiss Re was at one stage down 18.3% on yesterday's close, Munich Re down 17.5%, Zurich Financial Services down 11%, Royal & Sunalliance 17%, in what is currently a very volatile market.
“Reinsurers will be very adversely affected by today's events.”
Shortly before the Lloyd's building was evacuated at 4pm today, Insurance Times spoke to a Lloyd's broker. He said: “The aviation insurers are in a state of panic - this is a disaster for them. Lloyd's workers are also very concerned for colleagues who were in the World Trade Centre.”
