Standard & Poor's has said that mounting loss estimates from the World Trade Center terrorist attacks mean it is likely to put many insurers and reinsurers on CreditWatch with negative implications.
The ratings agency said net aggregate insured losses of $14bn (£9.55bn) have been accumulated so far from 55 leading insurers and reinsurers. However, it expects this figure to rise as better estimates become available.
S&P said that once losses exceed $15bn (£10.2bn) it would expect to see a significant impact on the balance sheets of individual insurers. But it added that it was not concerned about the overall health of the insurance industry.
"Totals would have to exceed $50bn before Standard & Poor's would begin to worry about the insurance system," said the Director at S&P's Financial Services group in London, Rob Jones.
