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INSURANCE INFORMATION INSTITUTE

New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, August 11, 2011

— The ̽����ѡ Information Institute (I.I.I.) has a variety of resources on the issue of terrorism and insurance available for reporters covering the 10^th anniversary of 9/11. This includes arranging an interview with I.I.I. president and economist Dr. Robert Hartwig, a subject matter expert and co-author of the I.I.I’s white paper on terrorism risk and insurance.

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“The 9/11 attack was the largest payout in the history of insurance until Hurricane Katrina in 2005,” said Dr. Robert Hartwig, president of the I.I.I. “Insurers became the nation’s economic ‘first responders’ and as construction progresses on the site of the former World Trade Center, insurance claims dollars continue to play an essential and highly visible role in rebuilding lower Manhattan,” he added. “The many billions of dollars in insurance payouts has also mitigated the overall economic impact of the 9/11 attack.”

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For property/casualty insurers and reinsurers, the terrorist attack of September 11, 2001, was at the time the largest cumulative claims payout in global insurance history—producing insured losses of about $32.5 billion, or $40 billion in 2010 dollars—exceeded today only by Hurricane Katrina at $46 billion. Losses were paid out across many different lines of insurance, including property, business interruption, aviation, workers compensation, life and liability.

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Terrorism risk insurance, a product which was almost non-existent in the U.S. prior to 9/11, is today an essential coverage for millions of American businesses.

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The I.I.I.’s online resources include:

To arrange an interview with an I.I.I. subject matter expert, please call the press office at 212-346-5500.

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