Most expensive terrorist attacks worldwide as of 2014, by insured property losses (in million U.S. dollars)

This statistic presents the most costly terrorist attacks worldwide as of 2014, by insured property losses. The terrorist attack on two hotels and Jewish center in Mumbai, India, on November 26, 2008 cost the insurance industry approximately 113 million U.S. dollars.

Terrorism insurance – additional information

The most costly terrorist attack for the insurance industry until 2014 was the crash of hijacked airliners into World Trade Center and Pentagon on September 11, 2001, which incurred insured property losses of over 25 billion U.S. dollars. The total insured losses caused by man-made catastrophes globally amounted to 33.85 billion U.S. dollars in that year. Man-made disasters include, apart from terroristic attacks, major fires, explosions, aviation catastrophes, rail and maritime disasters, mining accidents or collapse of building or bridges.

The risk of being exposed to terrorist attacks has led to the development of terrorism insurance, incorporating both insurance purchased by property owners to cover their potential losses and liabilities as well as health and life insurance purchased by individuals.

Calculation of the terrorism insurance premiums is much more complicated than in case of other types of insurance, particularly due to the random nature of the terrorist attacks and too many unknowns in the possible loss assessment process.

Insurance companies can transfer a part of risk to the reinsurance companies. In case of tremendous insured losses, the costs are then shared between various participants. Sometimes the government contributes some funds as well, like in case of September 11, 2001 terrorist attack.

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 Property losses in million U.S. dollars
Crash of hijacked airliners into World Trade Center and Pentagon, U.S. (9/11/2001) -
Bomb explosion near NatWest tower in the London financial district, UK (4/24/1993) -
Explosion of an IRA car bomb near shopping mall in Manchester, UK (6/15/1996) -
Bomb explosion in the London financial district, UK (4/10/1992) -
Bomb explosion in the garage of World Trade Center, U.S. (2/26/1993) -
Rebel airport attack in Colombo, Sri Lanka (7/24/2001) -
Explosion of an IRA bomb in South Key Docklands, London, UK (2/9/1996) -
Bomb explosion on board of Air India Boeing 747, North Atlantic (6/23/1985) -
Truck bomb crash into government building in Oklahoma City, U.S. (4/19/1995) -
Explosion of hijacked Swiss aircraft at disused RAF airstrip in Jordan (9/12/1970) -
Explosion of hijacked PanAm B-747 aircraft at Cairo airport, Egypt (9/6/1970) -
Bomb explosion in the London financial district, UK (4/11/1992) -
Attack on two hotels and Jewish centre in Mumbai, India (11/26/2008) -
Bomb attack on new but unoccupied prison in Weiterstadt, Germany (3/27/1993) -
Bomb explosion in car garage at the Barajas airport, Madrid, Spain (12/30/2006) -
Bomb explosion on board a PanAm Boeing 747 over Lockerbie, UK (12/21/1988) -
Riot between Singhalese and Tamil people in Sri Lanka (7/25/1983) -
Bomb explosions during rush hour in London tube and bus, UK (7/7/2005) -
Hijacked Ethiopian Airlines Boeing 767-260 ditched at sea, Indian Ocean (11/23/1996) -
Bomb attack on Israeli embassy in Buenos Aires, Argentina (3/17/1992) -
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