The terrorist attacks that happened twelve years ago will never be forgotten by individuals or businesses.
The horrific and devastating attacks on the United States on September 11, 2001 were far from local events, having caused a ripple felt around the world and that are remembered today, on their anniversary, by everyone from individuals to governments, and to the insurance industry.
The terrorist attacks took their toll on our lives, our sense of safety and security, and even on our financial wellbeing.
The human impact was, by far, the most heart wrenching. At the same time, the 9/11 plane crashes came with a tremendous bill. The insurance industry wasn’t the only area that faced considerable expenses. The current estimates are that the losses from property damage, lost goods and services production, healthcare bills, and everything in between has now breached the $100 billion mark.
The insurance industry faced massive expenses, though there were other costs, as well.
When the stock market wealth losses are taken into consideration (with the estimates of the market, itself, stemming from expectations of higher discount rates due to greater economic volatility and from expectations of lower corporate profits), the cost rises to nearly $2 trillion.
Among the most expensive losses seen by the insurance industry included:
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• $385 million – The destruction of the four crashed civilian aircraft.
• $3 billion to $4.5 billion – The annihilation of three of the World Trade Center buildings (1, 2 and 7) and severe damage to four other WTC buildings (3, 4, 5, and 6), with massive portions of 3, 4, and 6 having been crushed.
• Up to $1 billion – The damage to a segment of the Pentagon.
The cleanup costs, themselves were estimated to have been $1.3 billion, with damage to property and infrastructure through to have come with a price tag of somewhere between $10 billion and $13 billion. Forty billion dollars in federal emergency funds were spent for the operations in Afghanistan, increased security in airports, the government takeover of airport security, sky marshals, and the retrofitting of aircraft with devices used for anti-terrorism purposes.
The insurance industry estimated that its own costs from those few world- and life-changing hours, and the years of repairs and change that have followed, were $40 billion.