US insurance firm The St. Paul Companies expects to lose $700m (£500m) from the terrorist attacks in the US.
US insurance firm The St Paul Companies expects to lose $700m (£500m) from the terrorist attacks in the US.
The disaster would cost the insurance industry a total of $30bn (£21.4bn) to $35bn ( £25bn), the company said.
Company chairman Douglas Leatherdale said the company would not invoke a war exclusion for the tragedy.
He said: "The September 11 tragedy deeply affects all of us on a personal level. But our task now, as a part of the insurance industry, is to help our clients recover from this historic event.
"We are not going to hide behind the war exclusion for these acts of terrorism. The St. Paul's balance sheet is one of the strongest in the industry, and we have sufficient liquidity to meet our obligations."
The St. Paul's net loss comprises all losses from all lines of insurance, and takes into account the company's reinsurance arrangements and a provision for potentially unrecoverable reinsurance.
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