November 13, 2002—In a recent report, PricewaterhouseCoopers announced that business interruption (BI) losses associated with the September 11, 2001, events have risen from 25% to 30% of total World Trade Center (WTC) loss estimates. BI coverage is written to cover loss of gross earnings that result from interruption of, or interference with, business and that are caused by loss of real or personal property.
BI coverage continues to represent the largest portion of WTC claims, representing approximately 30 percent of the insurance industry’s total associated losses, up five percent from PricewaterhouseCoopers’ initial February 2002 estimate. Liability, property, and life comprise the remainder of overall insurance loss estimates. Total overall WTC loss estimates continue to fluctuate but have been revised down from approximately $70 billion to $40.2 billion. To date, approximately half of this amount has been paid against the more than 33,000 September 11th related claims.
