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Nearly 3,000 people perished in the Sept. 11 terrorist attacks in New York, Washington and Pennsylvania, excluding the 19 hijackers. Total insured losses from the terrorist attacks on the World Trade Center in New York City and the Pentagon were about $47.1 billion in 2019 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.
Both the difficulties of insuring terrorism risk and concerns about the limited availability of terrorism coverage after the 9/11 attacks led to the enactment in 2002 of the Terrorisms Risk Insurance Act (TRIA). The act created the Terrorism Risk Insurance Program (TRIP), a federal loss-sharing program for certain insured losses resulting from a certified act of terrorism.
(2019 $ millions)
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(1) Includes bodily injury and aviation hull losses. Updated to 2019 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, U.S. Bureau of Labor Statistics, Insurance Information Institute.