Standard & Poor's today warned that losses of more than $50bn (£33.3bn) from the attack on the World Trade Center could endanger the insurance system itself.
Announcing that the cost of the terrorist action will be the most expensive ever, Steve Dreyer, managing director for the US insurance industry ratings at Standard & Poor's, said: “Once insurable losses exceed $10bn (£6.6bn) or $15bn (£10bn) we would expect to see a significant impact the on balance sheets of individual insurers.
"However, the totals would have to exceed $50bn (£33.3bn) before we would begin to worry about the insurance system.”
He said any attempt to quantify the losses could remain “purely speculative” for weeks.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
