Actuaries working with B&W Deloitte say that Tuesday's terror attack could result over $20bn claims. This would make it the most costly disaster ever - far bigger than 1992's Hurricane Andrew which cost $18.6bn.
B&W Deloitte's partner and actuary, Lis Gibson, said: "We are estimating it will be over $20bn though it could go beyond $50bn even $100bn. It is difficult to know at this stage."
She said the US government, which secured $20bn this morning for its crisis fund and war chest from Congress, would foot most of the bill. "The government will pay for all medical costs which could be huge as many will be dust inhalation problems which may last for years."
Insurers' estimates for claims currently run to $4.6bn. The itemised estimates so far are:
ACE: $400m
AIG: $500m
Allianz: $640m
Axa: $400m
Berkshire Hathaway: 3%-5% of total loss
CGNU: $50m
Chubb: $100-200m
Munich Re: $900m
Scor: $150-$200m
Swiss Re: $1bn
Zurich: $400m
