Swiss Re announced Tuesday that it will make a net loss of around $117.8m in 2001 due to major disasters and the September 11th terrorist attacks.
The company, the world's second largest reinsurance business, confirmed that prospects for 2002 were better.
It is now believed that the September 11th attacks in New York and Washington will cost insurers around $90bn. Only the Japanese earthquake at Kobe in 1995, which caused insurers to lose around $100bn, resulted in larger claims on the industry.
Bad News At Swiss Re
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