Historic losses - Insurance claims that shook the industry.

(From Reinsurance)

In the wake of the recent terror attacks that shook our capital, the UK is displaying resilience, humour and courage. The bombings at four of the capital's busiest stations and one on an iconic London red bus killed an estimated 50 people and injured over 700. For many, the shock will stay with them for the rest of their lives. But for some, it is not the first time they have suffered such atrocities here.

For example, on Friday 29th April 1992, the Irish Republican Army (IRA) planted a bomb in a van parked outside the Baltic Exchange. This building houses the world's only independent source of maritime market information for trading and settlement of derivative contracts, and is a significant part of the UK's maritime business. The bomb ripped through St Mary Axe where the Exchange was situated, causing substantial damage to the building that had previously survived two world wars.

Organisations housed in and around the building were forced to seek alternative office accommodation until, on April 5th 1993, the Baltic moved back into the repaired building. Normality was restored - until just 15 days after the completion of the repairs, when a second IRA bomb was detonated in the vicinity with equally devastating consequences.

On 24th April 1993, a massive bomb ripped through the heart of London, killing one person and injuring over 40. The explosion rattled buildings and showered window-panes onto the streets below. One church collapsed, another was wrecked and Liverpool Street underground station - one of the main business commuter hubs - was destroyed.

In both of these cases, the cost of recovery and rebuilding was massive.

Many insurance buildings were among those damaged, including the Willis building and the old Commercial Union building. The old Baltic Exchange was painstakingly dismantled at a cost of GBP4m, and the cost of repairing the damage at Liverpool Street and the surrounding areas was estimated at more than GBP1bn. These are conservative figures; the peripheral damage to other trading organisations, vehicles and contents could put the cost much higher still.