An 8 page paper. Every element in American life was affected by the Attack on America. The insurance industry is facing losses that are estimated to range between $30 billion and even up to $100 billion. This paper reports the losses estimated, including estimates for each type of insurance. The government's proposal to help bail out the insurance industry is reported as well as the answers to questions many individuals have about their own insurance policies in light of the events of September 11, 2001. Bibliography lists 5 sources.
Name of Research Paper File: MM12_PGins911.RTF
Unformatted Sample Text from the Research Paper:
The governments proposal to help bail out the insurance industry is reported as well as the answers to questions many individuals have about their own insurance policies in light of
the events of September 11, 2001. Bibliography lists 5 sources. PGins911.RTF EFFECTS OF SEPTEMBER 11 ATTACK ON INSURANCE INDUSTRY , October, 2001
properly! The September 11, 2001 Attack on America has affected every aspect of Western life and every industry in the nation. For
example, Updegrave stated: "The insurance industry wasnt the direct target of the terrorist attack on Sept. 11, but it might as well have been. First, there were the lost lives
and business disruptions inflicted on insurers, brokers, agents, even government regulators who maintained offices near ground zero" (2001, p. ITEM01299027). In very direct terms, many insurance corporations had employees in
or around the World Trade Center towers. National Association of Insurance Commissioners had a suite of offices at 7 World Trade Center, a 47-story building that collapsed within hours of
the Twin Towers. All of their employees were able to flee alive and uninjured. AON, however, one of the worlds largest insurance brokers lost 200 employees when the towers went
down. Marsh & McLennan, another large insurance brokerage lost 300 employees, including one who was on one of the hijacked planes (Updegrave, 2001). Second, the financial damage was
enormous to the industry. Estimates of the losses vary because it will be months before all the claims are filed and paid. At this writing, estimates range from $30 to
$75 billion, an estimate calculated by an actuarial firm in the United Kingdom. A director with Standard & Poors insurance rating division, Donald Watson, said that "this promises to be