Two months have passed since the September 11 terrorist attacks in the United States and companies are beginning to take stock of their losses. One of the hardest hit branches internationally is undoubtedly the insurance industry.

Allianz, Europe's second largest insurer, announced on Wednesday that it might have to pay out up to € 1.5 billion as a result of the attacks on the World Trade Center. That's nearly fifty percent more than previous estimates.

Allianz, whose main business is in property and life insurance says the first nine months of 2001 brought in a pre-tax profit of € 3.3 billion, just peanuts compared to the € 46 million lost in the third quarter as a result of the attacks.

On a global scale, the terrorist attacks in New York, Washington and Pennsylvania are expected to cost insurance companies as much as $70 billion. If so, September 11th would be the most expensive disaster in history.