/ 12 September 2001

$1,14-BILLION: ?ROUGH DAMAGE ESTIMATE?

SWISS reinsurance group Swiss Re said on Wednesday that the terrorist attacks in the United States on Tuesday would cost the company about the same amount as the damage from storms that ravaged Europe in December 1999. The storms, which were named Lothar and Martin, cost the company 1,9-billion Swiss francs (1,26-billion euros, $1,14-billion). Swiss Re said in statement that the expected cost was at this point a “first rough estimate.” The company, which is the second-biggest reinsurance company in the world, said that its financial solidity “is not shaken” after the catastrophe in the US which could cause the group its highest-ever damage costs. – AFP