The destruction of the World Trade Center, and the damage to surrounding buildings, created the largest loss in the history of the insurance industry. The twin towers were insured for $7.5bn, but the total loss to the industry has been closer to $50bn. The cost has been shared by insurance companies and re-insurers around the world, leading them to increase commercial and even domestic premiums substantially. Governments in the US and the UK have had to step in to become the insurers of last resort against future terrorist attacks.
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