Holland’s ING Group confirmed its preliminary estimations, following the disasters at the World Trade Center and the Pentagon, that its primary loss exposures would come from life insurance and reinsurance.
CEO Ewald Kist stated that based on current information the losses caused by the September 11th attacks in Individual and Group Life Insurance and in Life Reinsurance are now estimated to be around €50 million ($46 million) before tax. He added that its was too early to assess the overall effect of the tragedy which stunned the U.S. on ING’s profit expectations for the year as there are too many uncertainties in the world’s economic outlook.
The announcement gives support to analysts’ warnings that life insurers and reinsurers could be as heavily impacted by the disasters as aviation and property/casualty insurers.
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