Lower estimate of September 11 losses

The Insurance Information Institute (III) has lowered its estimate of insurance losses related to the terrorist attacks of September 11 by around 25%, from US$40.2bb to US$30bn-US$35bn. The III said that the lower estimate was the result of there being fewer liability claims than forecast as a result of most people opting for settlements from the Victim Compensation Fund rather than resorting to the courts.