The March 22 terrorist attacks in Brussels, Belgium killed 33 people and wounded 260, shutting down all flights into and out of Zaventem Airport and prompting the metro system to discontinue service. However, though devastating, the multi-explosion attacks are expected to have limited impact on the insurance industry, according to catastrophe modeling firm AIR Worldwide.
Loss of life and injuries to individuals are the most substantial results of the attack, AIR said in a statement. Damage to buildings is expected to be minimal, causing limited insured property losses.
The Belgian Terrorism Reinsurance and Insurance Pool (TRIP) will cover any insured losses from the attacks, AIR noted, adding that annual cover from the pool is limited to EUR 1 billion (approximately $1.12 billion).
Following the attacks in Brussels, authorities beefed up security in the United Kingdom and France, as well as at borders throughout Europe, AIR said. Security was also enhanced in Asia and in major U.S. cities including New York, Chicago, Los Angeles and Washington, D.C.
Source: AIR Worldwide