Final insured losses from the September 11 attacks are likely to be 15% to 20% lower than previously anticipated, according to the Insurance Information Institute (III).
According to a report, the III said the reduction in estimates was due to the lower than expected number of lawsuits filed by relatives of the victims of the terrorist attacks.
Taking into account both lowered liability expectations and greater than expected use of the US government-established victim compensation fund, insures losses are likely to be between $30bn and £35bn. The previous estimate of $40.2bn was issued in 2002.
The estimated losses are based on the view that the WTC attacks were a single event, but the III stressed the revision was not related to the recent verdict in the WTC insurance trial.
The US Justice Department said the victims' fund received 7,388 claims before its 22 December 2003 deadline passed, including death claims for 95% of the 2,976 people killed in the attacks.
This also included an additional 3,500 personal injury claims, concluded the report.
