Seven companies have agreed to pay $2.5bn to settle outstanding claims on the WTC
Seven insurance companies, including Allianz, Swiss Re, Zurich and Travelers, have agreed to pay an additional $2.5bn to resolve the outstanding claims on the World Trade Center (WTC).
The deal, brokered by New York governor Eliot Spitzer, brings the total insurance pay-out figure from the collapse of the Twin Towers to $4.5bn.
Spitzer said the total WTC payments by insurers and reinsurers represented “the largest claim payment in history”.
But it appears payment disputes, which originally stemmed from incomplete insurance conditions, may continue for some time. French firm SCOR, a reinsurer of Allianz Global Risks US Insurance, one of the seven insurance companies that agreed to the pay-out, has referred its contract with Allianz to arbitration because it disputes the contract requirements.