Posted on 11/08/2004 9:33:27 AM PST by Jenya
9/11 Victims Received $38.1 Billion in Compensation
Payments Came From Insurance, Government, Charities
By DEVLIN BARRETT, AP
WASHINGTON (Nov. 8) - Victims of the Sept. 11 attacks received $38.1 billion in compensation, with insurance companies picking up the largest portion of the tab, according to a study released Monday.
The report by Rand Institute for Social Justice found that civilians killed or injured have received an average of $3.1 million per person from the government, charities and insurance companies, or $8.7 billion.
Emergency personnel killed or injured were given a total of about $1.9 billion. First responders received an average of $1.1 million more than civilians with similar economic losses, the study found. Most of the extra money came from charities.
Insurers paid 51 percent of the overall total, or about $19.6 billion. The government distributed $15.8 billion, or 42 percent, and charities paid $2.7 billion, or 7 percent.
The majority of the money went to New York City businesses, which received $23.3 billion, according to Rand. Three out of every four dollars that went to businesses came from insurance companies.
In such a large-scale disaster, even the secondary assistance added up to billions of dollars in compensation. About $3.5 billion was paid to displaced residents, workers who lost their jobs, and those who suffered emotional problems or were exposed to environmental dangers.
Lloyd Dixon, who co-authored the study, said the results raise questions about the future role of insurance companies in the response to any attack.
"It points out the hole that would be created if we don't have terrorism insurance," Dixon said. "What if the insurers weren't there the next time?"
A federal guarantee protecting companies against major financial losses in the event of another attack is set to expire at the end of 2005, and some in Congress are pressing for an extension now to keep premiums down.
Dixon also said that one of the defining features of the response to the Sept. 11 attacks is the relative lack of litigation, which has yet to account for a significant portion of the compensation.
The report notes that some lawsuits are pending from individuals and companies, the outcomes of which will change final compensation figures.
One such case is the ongoing court battle between World Trade Center leaseholder Larry Silverstein and his insurers.
Researchers did not include the billions in federal dollars allotted for rebuilding lower Manhattan's infrastructure because their study focused on payments made to people or companies.
How about it?
That is why NY is not a red state like Oklahoma.
Oklahoma City vicitms got nothing.... and you never hear them complaining. Maybe NY folks could take a lesson from the heartland on this issue.
I think the OKC famalies are very much as hero as those who died on 9-11. In some cases more so, when it comes to wanting money.
I love our fire fighters and all who died on that day, they will all be hero's in my mind, but OKC, seems to get it a lot more than those who have lawyers knocking at their door.
Not to mention what those law suits did to our gov't and our economy!
Well, it did save the airlines a pile of money.
This is shameful. We need to recoup every dollar and then some from the Saudis. We can take it right out of their jihad-subsidy accounts.
Well, yes, of course.
Several of my relatives are retired firefighters and the way I remember their insurance working is that they had a “regular” taxpayer-financed policy that paid some multiple (ten, IIRC) of their monthly earnings. That was paid out if they died off the job.
Then they had a second (taxpayer-financed) policy that covered them if they were killed while on-duty. The last I heard (cousin that retired in ~1986) they were good for something like $1.4 million per. Remember though, that’s only if they are killed on the job.
Police have similar policies. At least my retired police relatives did.
I know the families may hate losing their parent/spouse in something like that, but they sure as hell won’t be missing any house payments for a good long while.
Of all people that really don’t require “extra money” it’s police and fire, IMO. They’re taken care of all ready, and to a much more extravagant level than their civilian counterpart.
Part of any UN security actions toward a nation on behalf of the other member nations would involve a revocation of the "Bonds". IOW, no member(citizen) of a country who has been sanctioned by the UN Security Council would be granted a bonded visa, effectively containing them into an unbearable diplomatic isolation. As for terrorists from Saudi who operate thru Syria, or other front hosts for terrorism, it would be a good incentive for countries "not sponsoring but yet not irradicating terrorism" reason to shoot the bastards dead.
This also includes illegal immigrants. Why would anyone ever buy life insurance again...
A waste of money.
Guess how much a military family gets when a soldier is killed, ain't no 3 million.
That's why they voted for Kerry. A grab and run...
100% of the total should have been picked up by insurance companies (which means the total should have been about $30 billion less than what the families of the victims received). If the victims did not have sufficient insurance, why should the American taxpayer pick up the tab for their foolishness?
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