(5) These estimates include $1 billion in costs associated with demolition and debris removal at the former site of the World Trade Center in New York (6) as well as an estimated cost of rebuilding in excess of $8 billion. (4) Even assuming the accuracy of the more modest estimate of $60 billion, such a loss would exceed the entire property and casualty industry’s combined net income for 1999 through 2001. (3) If the $90 billion estimate proves to be accurate, such a loss would exceed all of the combined insurance losses in the United States for the period 1993 through 2000. (2) This loss stands to be dwarfed by the financial impact of the events of September 11, estimates of which have varied from $30 billion to $90 billion. Prior to September 11, the most costly insurance event in world and national history was Hurricane Andrew, which resulted in losses totaling $19.6 billion in August 1992. September 11 also constituted a watershed event for the insurance industry. ![]() Provincial Council & Local Authorities Statutes.
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