Magazine date:
Jan 2005 The ruling of the New York’s tribunal deems the 9/11 attacks against the twin Towers as two separate events.
As the Twin Towers contract set the compensation ceiling at 3.5 billion USD per event, the maximum to be refunded will then reach 7 billion USD, according to the ruling.
Nine companies are affected by this decision, among which Allianz Global Risk Insurance (subsidiary of the German group Allianz). These firms should lodge an appeal in the light of a previous ruling pronounced by a New York tribunal in April, regarding eight other insurers, which considered that the attacks on both towers constituted a single event.
The French reinsurer SCOR, which is involved in the covering of Allianz has allotted 167.5 million USD in provisions.