FX.co ★ Terrorism and insurance industry

Terrorism has led to massive losses for the insurance industry. In April 1995, Oklahoma City (US) suffered from a deadly explosion comparable to the tragedy of September 11, 2011. A truck-bomb explosion outside the Alfred P. Murrah Federal Building left 168 people dead and hundreds more injured. Insurance companies had to pay $194 mln.

In 1985, a passenger jet of Air India crashed as a result of a blast. The terror attack inflicted 329 casualties. The premiums were estimated at $329 mln.

In 1996, two men were killed and 40 people were injured during bombing in Dockland (London) also known as the Canary Wharf bombing. Insurance companies paid losses worth $347 mln.

In summer 2014 fierce fighting with heavy weapons took place between militant groups to take control of Tripoli's international airport (Lybia). Terrorists exploded several airplanes. The clashes left more than 47 dead and 120 injured. This cost insurance companies $513 mln.

In 2001, armed militants attacked eight military and five commercial aircraft in Bandaranaike International Airport (Sri Lanka). 6 people were killed during the attack. Insurance companies paid compensation worth $533 mln.

8 years before the terror attack on the twin towers in New York, the famous World Trade Center witnessed a deadly explosion claiming lives of 6 people. Insurance companies paid $836 mln.

In 1992, the Irish Republican Army (IRA) committed a bomb attack in St Mary Axe street, London. It killed three people. The building of the Baltic Exchange and some surrounding buildings were extensively damaged. It took $898 mln in premiums to compensate losses.

In 1996, the IRA carried out a terror attack in Manchester, UK. Two hundred and twelve people were injured, but there were no fatalities. A bomb was placed in a van in the city center and caused widespread damage estimated by insurers at $995 mln.

In 1993, the IRA exploded two bombs in the commercial district of Manchester. The skyscraper NatWest and many other buildings were badly damaged. The total wounded in the blasts was 65. The insurance premiums cost $1.2 bln.

The attacks on September 11, 2001 in New York totaled the record $31.6 billion in costs for the insurance industry. The Islamic terrorist group Al-Qaeda committed four suicide attacks on the twin towers of the World Trade Center. The tragedy caused 2 982 casualties.