The most expensive terrorist attack for the insurance industry until 2019 was the crash of hijacked airliners into World Trade Center and Pentagon on September 11, 2001 - also known as 9/11 - which incurred insured property losses of over 27 billion U.S. dollars. The total insured losses caused by man-made catastrophes globally amounted to approximately 37 billion U.S. dollars in that year.
What are man-made catastrophes?
By definition, a man-made disaster or catastrophe is an event which is instigated by humans, either intentionally or unintentionally. Man-made disasters include major fires, explosions, aviation, rail and maritime disasters, mining accidents, collapse of building or bridges, as well as social unrest or terrorism. In 2017, major fires and explosions were the most costly man-made catastrophes to the insurance industry globally.
Why was 9/11 so costly?
The large economic impact of 9/11 was due to the extensive property damage, damage to utilities and the subway system, as well as the loss of income on Wall Street and the surrounding area due to evacuations. The clean up was also costly due to the volume of debris removed from the site, in addition to the huge death toll and rescue effort undertaken by first responders.
Most expensive terrorist attacks worldwide as of 2019, by insured property losses
(in million U.S. dollars)
Property losses include bodily injury and aviation hull losses. Updated to 2019 money by the Insurance Information Institute using the U.S. Bureau of Labor Statistics CPI Inflation Calculator.
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Insurance Information Institute. (December 16, 2019). Most expensive terrorist attacks worldwide as of 2019, by insured property losses (in million U.S. dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/
Insurance Information Institute. "Most expensive terrorist attacks worldwide as of 2019, by insured property losses (in million U.S. dollars)." Chart. December 16, 2019. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/
Insurance Information Institute. (2019). Most expensive terrorist attacks worldwide as of 2019, by insured property losses (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/
Insurance Information Institute. "Most Expensive Terrorist Attacks Worldwide as of 2019, by Insured Property Losses (in Million U.S. Dollars)." Statista, Statista Inc., 16 Dec 2019, https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/
Insurance Information Institute, Most expensive terrorist attacks worldwide as of 2019, by insured property losses (in million U.S. dollars) Statista, https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/ (last visited November 22, 2024)
Most expensive terrorist attacks worldwide as of 2019, by insured property losses (in million U.S. dollars) [Graph], Insurance Information Institute, December 16, 2019. [Online]. Available: https://www.statista.com/statistics/276731/most-expensive-terrorist-attacks-based-on-insured-damage-since-1970/
