Terrorism

A total of 2,976 people perished in the September 11, 2001, terrorist attacks in New York, Washington and Pennsylvania, excluding the 19 hijackers. Total insured losses (including liability losses) from the terrorist attacks on the World Trade Center in New York City and the Pentagon are about $42.7 billion (in 2013 dollars), including property, life and liability insurance claim costs. Loss estimates may differ from estimates calculated by other organizations. It is the worst terrorist attack on record in terms of fatalities and insured property losses, which totaled about $24.7 billion (in 2013 dollars). The April 15, 2013 Boston Marathon bombing, which killed three people and injured 264, marked the first successful terrorist attack on U.S. soil since the September 11 tragedy. As of March 2014 insurers had paid out $1.9 million in losses related to the incident, according to the Massachusetts Division of Insurance.

 

THE TWENTY MOST COSTLY TERRORIST ACTS BY INSURED PROPERTY LOSSES

(2014 $ millions)

Rank Date Country Location Event Insured
property
loss (1) 
Fatalities
1 Sep. 11, 2001 U.S. New York, Washington,
DC, Pennsylvania
Hijacked airliners crash into World Trade Center and Pentagon $25,122 (2) 2,982
2 Apr. 24, 1993 U.K. London Bomb explodes near NatWest tower in the financial district 1,212 1
3 Jun. 15, 1996 U.K. Manchester Irish Republican Army (IRA) car bomb explodes near shopping mall 996 0
4 Apr. 10, 1992 U.K. London Bomb explodes in financial district 897 3
5 Feb. 26, 1993 U.S. New York Bomb explodes in garage of World Trade Center 835 6
6 Jul. 24, 2001 Sri Lanka Colombo Rebels destroy 3 airliners, 8 military
aircraft and heavily damage 3 civilian
aircraft
534 20
7 Feb. 9, 1996 U.K. London IRA bomb explodes in South Key Docklands 347 2
8 Jun. 23, 1985 North Atlantic Irish Sea Bomb explodes on board of an Air India Boeing 747 215 329
9 Apr. 19, 1995 U.S. Oklahoma City, OK Truck bomb crashes into government building 195 168
10 Sep. 12, 1970 Jordan Zerqa, Dawson's Field
(disused RAF airstrip in desert)
Hijacked Swissair DC-8, TWA Boeing 707, BOAC VC-10 dynamited on ground 170 0
11 Sep. 6, 1970 Egypt Cairo Hijacked PanAm B-747 dynamited on ground 147 0
12 Apr. 11, 1992 U.K. London Bomb explodes in financial district 129 0
13 Nov. 26, 2008 India Mumbai Attack on two hotels; Jewish center 113 172
14 Mar. 27, 1993 Germany Weiterstadt Bomb attack on a newly built, still unoccupied prison 95 0
15 Dec. 30, 2006 Spain Madrid Bomb explodes in car garage at Barajas Airport 77 2
16 Dec. 21, 1988 U.K. Lockerbie Bomb explodes on board of a PanAm Boeing 747 75 270
17 Jul. 25, 1983 Sri Lanka   Riot 63 0
18 Jul. 7, 2005 U.K. London Four bombs explode during rush hour in a tube and bus 63 52
19 Nov. 23, 1996 Comoros Indian Ocean Hijacked Ethiopian Airlines Boeing 767-260 ditched at sea 61 127
20 Mar. 17, 1992 Argentina Buenos Aires Bomb attack on Israel's embassy in Buenos Aires 51 24

(1) Includes bodily injury and aviation hull losses. Updated to 2014 dollars by the Insurance Information Institute using the U.S. Bureau of Labor Statistics CPI Inflation Calculator.
(2) Differs from inflation-adjusted estimates made by other organizations due to the use of different deflators.

Source: Swiss Re.

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LOSS DISTRIBUTION BY TYPE OF INSURANCE FROM SEPTEMBER 11 TERRORIST ATTACK (1)

($ 2013 billions)

(1) Adjusted to 2013 dollars by the Insurance Information Institute using the U.S. Department of Labor BLS Calculator.
(2) Loss total does not include March 2010 New York City settlement of up to $657.5 million to compensate approximately 10,000 Ground Zero workers or any subsequent settlements.

Source: Insurance Information Institute.

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