Lloyd's of London has now paid more than $1bn (£0.7bn) in claims arising from the World Trade Centre (WTC) attacks.
The Lloyd's Special Counsel for 11 September, Jeremy Pinchin, announced the figure to an audience of corporate treasurers last night.
He said: "This figure of $1.1bn is approximately 12% of our currently estimated gross liabilities... Interestingly, given our trust requirements in the United States, the amount deposited in these funds when added to the amounts paid to date means that Lloyd's has effectively paid 54% of its presently estimated gross exposure."
He also commented on the industry's response to 11 September, describing it in two stages. The first is 'Reaction and Recovery', he explained, "but now we are witnessing the beginning of the second stage - the stage we call 'Reflection and Innovation'.
"During this period the insurance industry will begin to review its own responses to 11 September and ask the question: how did we respond and are we responding in the right manner?
"It is also the period during which we will see more mature insurance products emerging. In the immediate aftermath of the attacks, we saw the scramble to create new terrorism cover. Now, I think we'll see products being launched which offer more sophisticated cover merging terrorism with business interruption and intangible assets."
